Bay Area Median Price Soars Above Half-Million Mark

The median price for a home in the San Francisco Bay Area climbed above the half-million mark in April for the first time in almost five years, according to ""DataQuick"":http://dataquick.com/.

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The median price paid for a home in the nine-county Bay Area was $510,000 in April, up 17.0 percent month-over-month and 30.8 percent year-over-year. The monthly increase is the highest on record in DataQuick's Bay Area statistics.

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""There's somewhat of a perfect storm here, statistically speaking. The pent-up demand, the economy, interest rates, investor buying. Everything is in alignment right now, but that won't always be the case. Also, it's easier to regain lost ground. A major element to watch for between now and fall is how many homes are put on the market at these higher price points,"" said DataQuick president John Walsh.

While a little more than half of the April's annual price gains stemmed from simple appreciation, the rest reflected shifts in market mix. According to the company, the number of homes sold for less than $500,000 fell 25.7 percent year-over-year in April, while the number of homes that sold above that mark increased 24.9 percent.

Also influential was the decline in distressed sales, which drag down price points. Foreclosure resales and short sales together made up about 24 percent of the resale market in the Bay Area in April, down from 27 percent in March and 44 percent a year ago.