Bay Area home prices hit four-year high in June

Source: San Jose Mercury News

Bay Area home sales in June erased any doubt that it's a sellers' market, with some frantic buyers even sweetening their offers with a timeshare vacation or a couple of months of free rent.

Real estate agents said low inventory is driving up prices in some areas as people try to outbid each other for more expensive homes while ultralow interest rates are drawing in first-time homebuyer.

"Sellers should be very happy these days, and buyers are really scrambling," said Barbara Lymberis, president of the Santa Clara County Association of Realtors.

In the latest snapshot of the Bay Area housing market, median sale prices were up 6.4 percent for existing single family homes from last year, their highest level since July 2008, according to a report Wednesday by DataQuick, a real estate information company. Year-over-year sales of all types of homes increased 10.4 percent, the 12th month in a row they have gone up.

Read more: http://www.mercurynews.com/rss/ci_21103207