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Bay Area Home Sales Increase in December

January 15th, 2015 | Bay Area, home buying

The year ended on an upswing for the Bay Area! December sales stats show month-over-month and year-over-year sales gains. Price appreciation dipped lower overall in 2014, but the median sale price was still nearly 10 percent higher than it was the same time a year earlier.

A total of 7,456 new and resale houses and condos sold in the nine-county Bay Area in December 2014.

A rise in sales from November to December is normal for the season. Bay Area sales have risen an average of 9.6 percent between those two months since 1988.

The median price paid for a home in the Bay Area was $603,000 in December 2014, up year over year 9.9 percent from $548,500 in December 2013. December 2014 was the 33rd consecutive month with a year-over-year gain in the median sale price. 

Other December Statistics: 

  • Jumbo loans, or mortgages above the old conforming limit of $417,000, accounted for 54.1 percent of purchase lending in December 2014
     
  • Cash buyers accounted for 19.0 percent of home sales in December 2014 – the lowest for any month since the cash buyer level was 18.5 percent in October 2008
     
  • Short sales made up an estimated 4.0 percent of Bay Area resales in December 2014
source DataQuick.com

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