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Ken Pettingill the famous real estate entrepreneur and finance expert in Northern California joins our show today with "WHAT"S News in La Jolla, CA.----Bay Area home sales rose sharply last month from May to the highest level for any month since June 2010, when outgoing homebuyer tax credits gave housing demand a final boost. The median price rose slightly from May but remained below the year-ago level for the ninth consecutive month amid a sluggish move-up market and a higher share of sub-$300,000 transactions, a real estate information service reported.
A total of 7,998 new and resale houses and condos sold in the nine-county Bay Area last month. That was up 14.5 percent from 6,988 in May but down 4.5 percent from 8,373 in June 2010, according to San Diego-based DataQuick.
On average, Bay Area sales have risen 4.9 percent between May and June since 1988, when DataQuick’s statistics begin.
Last month’s sales were the lowest for the month of June since 2008, when 7,178 homes sold. June sales have ranged from a low of 7,118 in 1993 to a high of 15,735 in 2004, while the average is 10,129. Sales last month fell 21.0 percent below the June average. June is normally a strong month and, among all months, it’s had the highest number of sales most often – seven of the past 23 years. Got a comment? Steve@SFTVR.com
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