A number of American consumers appeared to have packed up moving boxes, loaded them onto rental trucks, and left for San Francisco during the second quarter of 2011, as the city’s nine counties posted double-digit home sale increases over the previous quarter.
According to the latest research from Better Homes and Gardens Mason-McDuffie Real Estate, existing single-family home sales increased 33 percent to 13,981 during the second quarter. The quarter’s total was down 8 percent from a year earlier – a change that resulted mostly from the expiration of homebuying tax incentives.
Without the federal and state benefits, many individuals still decided moving to a new home was a sound financial decision because of the low-valued homes flooding the market. However, that is beginning to change, as median prices in the Bay Area increased 14 percent quarter-over-quarter to $536,603 at the end of June.
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