Bay Area Housing Prices Continue Surge
San Francisco Bay Area housing prices set a record for a second straight month as low-interest rates spurred buyers to snap up more homes than in any May since 1989, DataQuick Information Systems reported.
The median price for a Bay Area home rose 9% to $413,000 from $379,000 in May 2001. Sales of new and existing homes and condominiums climbed 43% to 11,238.
The previous Bay Area price record was set in April, when the median was $402,000.
Sales soared 65% in Santa Clara County, the heart of the Silicon Valley, where the median price hit $461,000. In San Francisco, sales rose 48% and the median price hit $571,000.
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