Bay Area May Home Sales, Median Price Inch Up From April; Fall below 2010

Bay Area May Home Sales, Median Price Inch Up From April; Fall below 2010

La Jolla, CA. – June 15, 2011 – (RealEstateRama) — The Bay Area housing market in May posted modest month-to-month gains in sales and median prices, but those same measures fell sharply from year-ago levels, which had been pumped up artificially by homebuyer tax credits. Move-up buying and new-home sales were especially weak last month, while the share of sales involving distressed properties, cash buyers and investors remained far above normal, a real estate information service reported.

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