|Alameda County Home Prices Jump||| Print ||
|Thursday, 20 December 2012 16:12|
The Alameda County housing market continued its march toward normalcy last month with strong sales and rising prices fueled by increased demand, strained inventory and record-low mortgage rates, according to DataQuick Information Systems.
The median price paid for a home in the county last month was $415,000, up more than 22 percent from $340,000 a year ago.
A total of 1,525 new and resale homes were sold in Alameda County last month, up 14.3 percent from November 2011.
“Current trends are likely to stay with us well into spring, at least,” said John Walsh, DataQuick president. “One of the variables that could really impact the market would be supply — how many homes are put up for sale. There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that. With the mismatch between supply and demand, there’s upward pressure on prices.”
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying last month was $1,544.