Waccabuc Real Estate | Bay Area home sales take step toward normalization

Home sales in the San Francisco-Bay area grew to their highest year-over-year level in six years during the month of April, real estate analytics firm DataQuick said Thursday.

The region had 7,675 new and resale home sales in the nine-county Bay Area last month, compared to 7,694 the previous month and 6,789 a year earlier.

DataQuick said sales last month were at their highest April level since 2006 when 9,129 homes were sold in April.

“It appears that the market is taking a step in the direction of normalization, but only a step,” said John Walsh, DataQuick president. “We’re still watching technical indicators more than top-line sales counts and median prices. The mortgage market is critical, as is market mix and the receding importance of foreclosure resales.”

The median sales price also edged up to $390,000 April. Over last year, the median price increased 8.3% from $360,000 in April of last year. 

The market’s low point hit $290,000 in March 2009, which is well below the current median price. However, the median remains well below the $665,000 level reached in June and July of 2007.

Foreclosure resales accounted for 21.7% of resales in April, which is the lowest amount on record since January of 2008.