FAIRFIELD — Solano County home prices shot up in July, with the median reaching its highest mark since March 2008.
Figures released this week by DataQuick, a San Diego-based real estate service, showed that 629 homes sold in the county last month for a median price of $321,500. That’s up from $300,000 in June and three months before it. It was an increase of 25.4 percent from July 2013.
Solano’s increase was the largest jump in the Bay Area by far – San Francisco’s median price was up 18 percent over a year ago and Napa County’s prices increased 16.4 percent year over year. The median price is the number with an equal number of homes selling for more and for less.
Solano’s volume of homes sold represented a 4 percent increase over 2013 – the only increase in the Bay Area.
Across the nine-county Bay Area, prices were up 9.8 percent over a year ago, while the number of homes sold dropped 9.3 percent.
“The Bay Area housing market is still in transition, still dealing with the remnants of the Great Recession,” DataQuick analyst John Karevoli said in a news release. “That said, it’s also a market that’s in the process of rebalancing itself with the region’s on-the-ground economic realities, mainly decent economic growth and job creation. There still seems to be a bit of buyer and seller reticence.”
The last time the median price for a home in Solano County topped July’s level was more than six years ago, when it was in free fall from its high of $490,000 in November 2005. In June 2008, it dropped below $300,000 and remained there until this March.
Reach Brad Stanhope at 427-6958 or firstname.lastname@example.org. Follow him on Twitter at www.twitter.com/bradstanhope.