Bay Area Home Sales Zip Up Nearly 7% In October

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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