Friday, June 19, 2009

Are Home Prices Rebounding?

by Robert Gammon
Fri, Jun 19, 2009 at 6:48 AM

The median home price in the Bay Area rose in May for the second straight month, raising hopes that the housing crisis may be ending. According to the Chron, the Bay Area median home price was $337,000 last month, up 9.6 percent from April. But some market experts warn that the increase in prices may actually be due to a large number of more expensive homes being sold, which would skew the median. In addition, the more expensive homes are selling at discount prices, which could indicate that the housing market remains depressed. Also, there are still lots of foreclosed properties that banks are holding off the market out of fear that if they put them up for sale, it will decrease housing prices even more.

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