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Bay Area home prices improve in June

8 Aug 2012 12:20 PM
Bay Area home prices improve in June

The San Francisco housing market displayed strength in June 2012, as home prices increased throughout much of the metro. According to The Los Angeles Times, the Bay Area's median home prices rose 4.3 percent between May 2012 and June 2012. In fact, the average house price was $417,000 during that time frame.

"Instead of foreclosure resales soaring, they're waning, and instead of high-end sales slumping, they're posting some of the larger sales gains," a local real estate expert told The Los Angeles Times.

Home prices have risen in many sections of the Bay Area in the past few years. The San Francisco Chronicle notes that Bayview, Chinatown and Nob Hill are among the communities that have seen the greatest price increases since 2009. Additionally, the aforementioned neighborhoods have also experienced higher-than-average housing sales.

The Bay Area features attractions, entertainment, fine dining and luxury homes, which can make it an enjoyable place to live. This city's economy ranks 19th in the world when compared to national economies, the Bay Area Council Economic Institute notes.