Bay Area housing prices at four-year high

Bay Area housing prices at four-year high

http://business-news.thestreet.com/mercury-news-real-estate/story/bay-area-housing-prices-four-year-high-1/1

By Pete Carey [e-mail] 08/15/2012 - 8:17 PM EDT

The Bay Area's housing recovery showed increasing signs of strength in July, as eager buyers pushed prices to four-year highs.

The region logged its 13th consecutive month of yearly sales increases and the median price for all types of homes in the nine-county Bay Area was at its highest -- $421,000 -- since 2008, according to a report Wednesday from DataQuick. The median sale price has been rising for five months.

"The bottom of the market is in the rearview mirror," said Lorri Arazi with Pacific Union Real Estate in Oakland. "We're seeing houses selling faster, and the number of days on market is really low. Literally everything we use to try to understand our marketplace is telling us it is coming back strong."

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