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Bay Area home sales up slightly in June

Median sale price increases 11.4% compared to one year ago, report says

Bay Area home sales were slightly up in June but remained below long-term levels, according to data services provider DataQuick.

Prices on homes also continued to increase but at one-third the rate of 2013's pace.

DataQuick, a San Diego-based company, reported potential homebuyers are still dealing with a limited supply of inventory, prices at or near new highs and a tough lending environment.

There were 7,915 new and resale houses and condos sold in the Bay Area in June, up 0.2% from the 7,898 sold in May, according to DataQuick.

June sales were also up 0.2% from the 7,897 sold in June 2013.

In June, the median price for a home in the Bay Area reached $618,000, the highest price since the November 2007 median price reached $629,000.

The June median price increased by 0.2% over the May median price of $617,000 and increased by 11.4% over the June 2013 median price of $555,000.

The Bay Area's median price for a home hit a low of $290,000 in March 2009.

DataQuick reported foreclosure resales accounted for 3.1% of all resales. That number was unchanged from May and down from 5.7% in June 2013.

Short sales made up 4.4% of all resales in June, down from 4.6% in May and 9.5% in June 2013.

Absentee buyers, who consist mostly of investors, purchased 20.8% of all homes sold in June. In May, that number was 19.3%. In June 2013, the number was 21.8%.

— Bay City News Service

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