Should have sold this spring when there wasn’t any competition!
By Pete Carey, San Jose Mercury News
POSTED: 08/15/2013 11:48:29 AM PDT | UPDATED: 22 DAYS AGO
The Bay Area’s housing market staged a breakthrough in July, reaching the highest level of sales for any month in nearly seven years, according to a report Thursday.
The housing recovery has been bogged down by a lack of inventory. This month’s report indicates that is no longer the case, as sellers respond to double-digit price increases.
July’s median sale price of $562,000 for all types of homes is up 33.5 percent across the nine-county Bay Area in 12 months, according to real estate information company DataQuick, meaning that homeowners who have been sitting on the sidelines for years can finally sell at a profit.
Along with the news that the average Silicon Valley house is selling for over a million dollars, perhaps we’ll hear from some Deluded Renters about how smart it is to buy a house NOW and how they can’t wait to sink every penny they have into a 30 year obligation.
Also note the lack of recent Real Estate news in the Murk. Maybe nobody is buying or selling anything anymore.