According to the latest research from Better Homes and Gardens Mason-McDuffie Real Estate, existing single-family home sales increased 33 percent to 13,981 during the second quarter. The quarter's total was down 8 percent from a year earlier - a change that resulted mostly from the expiration of homebuying tax incentives.
Without the federal and state benefits, many individuals still decided moving to a new home was a sound financial decision because of the low-valued homes flooding the market. However, that is beginning to change, as median prices in the Bay Area increased 14 percent quarter-over-quarter to $536,603 at the end of June.
Santa Clara County and Alameda County saw significant gains from the first quarter to the second, seeing home sales rise 43 percent and 32 percent, respectively. More than 2,900 homes were sold in Contra Costa County, which gave it a 25 percent quarter-over-quarter boost.
Although the San Francisco market appears to be getting back on track, many others throughout the country continue to sputter. This is because many lenders have tightened their lending standards, shutting out individuals with less-than-stellar credit.
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