Bay Area Home Prices Keep Going Up, Hit 5-Year High

Bay Area single family home prices continued a skyward climb in May, reaching their highest level in more than five years, according to a report Thursday.
Median sales prices in the sizzling market were given an upward nudge in the East Bay, Peninsula and South Bay by multiple offers for a scant supply of houses for sale and by a change in the market mix to favor higher-priced homes, said real estate information company DataQuick.
Sales still are well below their year-ago levels, although they rose by double digits from April to May in Alameda, San Mateo and Santa Clara counties, and 8 percent in Contra Costa County, the San Diego company reported.
“The housing market here is very hot,” said Remy Weinstein,

A sale pending sign stands in front of a home for sale on February 21, 2013 in Larkspur, California. According to the National Association of Realtors. (Photo by Justin Sullivan/Getty Images) (Justin Sullivan)
a real estate agent with Highland Partners in Montclair. “I’m just constantly amazed with the amount of overbidding going on.”

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