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Bay Area home sales continue to see gains in both median price and units sold.

DataQuick News reports Bay Area December home sales strongest in three years

The Bay Area housing market last month continued its step-by-step climb up from the bottom with upticks in sales as well as prices. Many of the underlying trends are shifting slowly, if at all, indicating sluggish change in market fundamentals, a real estate information service reported.

A total of 7,828 new and resale houses and condos were sold in the nine-county region last month. That was up 13.8 percent from 6,878 in November, and up 13.6 percent from 6,889 for December 2008, according to MDA DataQuick of San Diego.

An increase from November to December is normal for the season. Last month’s year-over-year increase was the 16th in a row. The sales count was the highest for a December since 8,372 homes were sold in December 2006. Sales for Decembers since 1988 have ranged from 5,065 in 2007 to 12,349 in 2003, while the average is 8,762.

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The median price paid for a Bay Area home was $380,000 in December. That was down 1.8 percent from $387,000 for the month before, and up 15.2 percent from $330,000 for December 2008. Last month was the third in a row with a year-over-year gain, after 22 months of decline. The median hit bottom at $290,000 last March, well off the $665,000 peak reached in June and July of 2007.

Foreclosure resales – homes sold in December that had been foreclosed on in the prior 12 months – made up 32.3 percent of all resale activity. That was up from a revised 31.9 percent in November, and down from 48.3 percent in December 2008. Foreclosure resales peaked at 52 percent of resales in February 2009.

Federally-insured FHA loans, a popular choice among first-time buyers, made up 25.6 percent of all Bay Area purchase loans last month. That was up from 25.1 percent in November, 22.8 percent a year ago and less than 0.5 percent two years ago.

Home loans for more than $417,000, the old “jumbo” limit, used to account for more than 60 percent of the Bay Area’s purchase financing. Last month it was 29.8 percent. That percentage rose from 17.1 in January 2009 to 28.7 last June. It has since remained at roughly 30 percent.

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