The housing market in the Bay Area held steady in April as prices gained ground from levels reached a year-earlier.
According to San Diego-based MDA DataQuick there were more sales of homes happening in the pricier coastal areas. Compared to the same month in 2009, April's median home price was $370,000 which was an increase of 21.7% from 2009, but down 2.6% from this past March's $380,000 level.
DataQuick's report stated that a total of 7,003 homes sold in April, down 1.9% from 7,139 in April 2009 and a 0.2% increase from 6,992 sold in March.
There is the possibility that some home sales could have been delayed as home-buyers waited for the new state tax credit of up to $10,000 that went into effect May 1st which can be used for first-time buyers and buyers of new homes.
MDA DataQuick President John Walsh said, "It's not clear how many April sales might have been pushed into May or June by tax credits. The bigger picture is that the housing market will gradually be decoupled from government stimulus and be on its own again."
"For months we've seen growing signs of a recovery taking hold. But plenty of challenges remain, like high unemployment, the possibility of many more distressed properties hitting the market in a rising interest rate environment, and a dysfunctional jumbo loan market, which is a big deal in the Bay Area."