California Bay Area home sales hit 5-year high

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In all Bay Area counties except for San Francisco, home sells fell year-over-year. In San Francisco, sales grew 2.4 percent; the city had the highest median home price of all counties in the region, growing 7.3 percent to $1,341,000, CNBC reports. "Last month’s home sales were the lowest for June in four years, and the year-over-year drop.

The region racked up the most home sales in July for any month in almost seven years, reaching pre-recession highs. And the luxury market around the Bay was particularly strong with double-digit year-over-year sales increases – as high as 76% in the East Bay.

Low mortgage rates pushed San Francisco Bay area home sales to a six-month high in August, DataQuick said Friday. The eagerness of move-up market buyers also played a significant role in fostering.

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The Bay Area housing market roared forward in July as prices rose and sales hit an eight-year high, a real estate information service said. Buyers purchased 9,339 new and resale houses and condos last month in the nine-county region, the highest for a July since 2005, DataQuick said.