Bay Area median prices rose in April, San Mateo sales still down
It seems that the Bay Area median price for homes rose month to month for the first time in almost two years. San Mateo’s sales is still down 22.5% since last year. If you read the report, you will notice this little snippet.
Foreclosure resales – homes sold in April that had been foreclosed on in the prior 12 months – accounted for 47.4 percent of Bay Area resales. That was down from 50.2 percent in March and 52.0 percent in February. Last month’s figure was the lowest since foreclosure resales were 46.8 percent of existing home sales last November.
A lower concentration of discounted foreclosure resales in the statistics is one reason the median sale price has recently begun to more or less flatten, or at least erode more slowly, in many markets.
This is largely due to the moratorium that has been lifted which reduced foreclosure inventory. As the foreclosures come back I think we will see median prices slip again in May. San Mateo’s median still stands at $520,000, which is not exactly affordable for the median income family in San Mateo.
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