June home sales rise by 3.6 percent

July 23, 2009 1:28:58 PM PDT
Homes sales across the country have been better than expected, including in the Bay Area.

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According to the National Association of Realtors, sales were up 3.6 percent in June. That marked the fourth month in a row that the sales pace has improved. Nationally, the median price of a home sold during June was down to $181,800, a 15.4 percent drop from a year ago. But, according to the California Association of Realtors, Bay Area home prices actually increased 4.3 percent from April to May. The median price in April was $441,000, compared with $460,000 in May. Figures for June were not yet available.

"There's a decreasing inventory," said Barry Zwahlen, President-Elect of the Contra Costa Realtors Association. "Distressed properties especially are being gobbled up so fast it would make your head swim."

Zwahlen told ABC7 higher end properties are finally also starting to move. However, the fastest selling price point remains $1,000,000 or less, due to the better availability of loans under $729,000.

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