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Santa Clara County Home Sales Up Again in October
Sales of single-family, re-sale homes were up 27.8% in
October compared to last October. This is the fourth month in a row homes
sales have been up year-over-year.
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Year-to-date, home sales are off 8%.
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The median price for homes rose 5.3% from September,
but was down 31.7% year-over-year.
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Inventory was down 26% from last October. This is the
sixth month in a row inventory has declined year-over-year.
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Our Days of Inventory indicator is at 195 days. In a
balanced market, the supply of homes is usually around five to six months.
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Condo sales were up 19.4% from August, and up 68.2%
year-over-year.
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The median price for condos was down 13.4% from
September, but up 8% compared to last October.
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The bank-owned property is clustered in the condo and
entry-level home market. They constitute the largest percentage of sales,
thereby driving down statistical prices.
If you are in escrow with one of the new higher-limit,
conforming loans, or you expect to buy a home before the end of the year,
remember, the new, higher conforming loan limit of $729,750 expires at the
end of the year. You must have your loan funded by then. Starting January
1st, the conforming loan limit will be $625,000.
The real estate market is very hard to generalize. It is
a market made up of many micro markets. For complete information on a
particular neighborhood or property, call me. |
