Bay Area home prices rose nearly 7 percent last month from September as foreclosures comprised a smaller percentage of sales and the higher-end market saw a modest increase in activity. The median price paid for all new and resale houses and condos rose to $390,000, up 6.8 percent in October from $365,000 in September, according to numbers crunched by MDA DataQuick, a San Diego real estate research firm. The prices were up 4 percent from $375,000 in October 2008 and represented the first year-over-year gains in nearly two years. Lorri Arazi, a broker associate with Pacific Union International Inc., said that she has seen fewer foreclosures in recent months, which corresponded with a smaller inventory of homes to sell. “I’m seeing more traditional sellers and buyers who are not looking for a fire sale, but instead are saying, ‘It’s a good time to buy a house,’ ” said Arazi. [Read this article]

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Lennar is providing an opportunity prospective homebuyers will not want to miss! This weekend only, stop by one of Lennar’s communities in the Charlotte, North Carolina area from 10 a.m. to 1 p.m. for the chance to win a free five-day Carnival Cruise for two. “This is an excellent vacation getaway and we are giving away not one, but 50 cruises,” said Kyle Rush, Director of Sales and Marketing for Lennar’s Charlotte division. “If you’ve been thinking about purchasing a new home, now is your biggest opportunity. Not only can you find out about the new expanded and extended tax credit opportunity, low financing rates and amazing prices for the end of the year, but you could win a dream cruise.” Lennar offers homes from the $130s in the most desired locations in the Charlotte metro area. Lennar is also kicking off its “Year-End Blowout” event this weekend with incredible reduced pricing on ready to move in homes. [Click here for more information on Lennar Communities in the Charlotte area]

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California home prices edged higher last month as first-time buyers took advantage of a federal tax credit and foreclosure properties made up a smaller slice of the market, fresh data showed Thursday. The median price paid for a home statewide was $257,000 in October, up 2.4% from September and down 7.6% from October 2008, according to MDA DataQuick, a real estate research firm based in San Diego. It was the narrowest year-over-year decline in the statewide median home price since September 2007. “The low-end housing market is recovering, but slowly,” UC Berkeley economist Kenneth Rosen said. “Prices have bottomed at the entry-level part of the marketplace.” About 41,280 homes sold statewide last month, a 2.6% increase from September and a 2.4% decrease from October 2008. [Read this article]

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Existing-home sales in Lake County continued to move up in October, taking 2009’s overall figures to their highest in two years, according to a new report released by the Orlando Regional Realtor Association. More than 3,300 homes were sold in 2009 through October to become the most significant rise in sales since a drop began in 2007. The sales accounted for a more than 32 percent overall increase from last year. The association attributes foreclosures and short sales, or owners trying to sell their homes quickly, for the bump across the region, which saw nearly an 80 percent increase. [Read this article]

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For the second month in a row, Houston saw a jump in year-over-year housing sales. Does that signal the market is on the rebound? Some signs indicate yes, while others say maybe not yet. “Overall, the interest is above what it has been in years past,” said Stephanie Edwards-Musa, a real estate agent who works in The Woodlands and surrounding areas. Houston-area home sales for October jumped 13.8 percent over a year ago. That’s because the lingering effects of Hurricane Ike depressed sales last October and this year’s federal tax credit for housing boosted sales. The increase marked the second straight month where the number of transactions rose, according to a monthly housing report released Thursday by the Houston Association of Realtors. [Read this article]

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For the first time in nearly two years, the median price of Santa Clara County houses is higher than a year ago, a surprisingly strong signal that the battered housing market may be stabilizing. The jump of nearly 7 percent from October 2008 to last month reflects buyers’ shift away from sales of lower-priced, post-foreclosure properties to more expensive homes, according to a report Thursday from MDA DataQuick. “The market pendulum is moving back toward normal. It’s not there yet, but as it goes forward you’ll have fewer foreclosures selling and more homes turning over in the high end,” said DataQuick’s Andrew LePage. The median price of houses in the county that changed hands last month increased to $550,000, up 6.7 percent from October 2008. [Read this article]

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