SILVAR  :  Newsroom  : Real Estate Articles

Real Estate Articles

California home sales, median home price trend upward in August

Wednesday, September 21, 2011

Sales and price reports from the California Association of REALTORS® and MLSListings Inc., the Multiple Listing Service of the Silicon Valley Association of REALTORS®, show California home sales and median price posted gains in the month of August, especially in Silicon Valley.

The state's August home sales were up from the previous month and previous year, and the median home price rose to its highest level this year. Information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide shows closed sales of existing, single-family detached homes in the state increased 9 percent from July, and were up 10 percent from the same period a year ago. The statewide median price of an existing, single-family detached home in August was $297,060, up 1 percent from $294,050 in July, but down 7 percent from the $320,860 median price recorded for August 2010. 

C.A.R. president Beth L. Peerce said August's median price marked the highest since December 2010.  "Prices may be stabilizing in some market segments, as investors and first-time buyers continue to see value and opportunity in the market," said Peerce.

The August 2011 County Indicators Report from MLSListings also noted shows some encouraging signs for market stabilization based on performance in Monterey, Santa Clara, San Mateo, San Benito and Santa Cruz counties. Compared to the same month last year, sales were up by noteworthy amounts in most counties, while inventory fell by around the same margin, as did the number of new listings, the report stated. Median price has dropped over the last year by between 3 and 10 percent; while days on market have dramatically increased in some counties, and significantly dropped in others, according to the MLS report.

Compared to the same month last year, sales were up 10 percent in Santa Clara County, and up 4 San Mateo County. Compared to July 2011, sales were up 11 percent in Santa Clara County and up 2 percent in San Mateo County. In Santa Clara County, the August 2011 median price for a single-family home was $595,000 and in San Mateo County, $742,000. Compared to the same month last year, the median price dropped 5 percent in both San Mateo and Santa Clara counties. When compared to July 2011, the median price was up nearly 2 percent in San Mateo County but down 2 percent in Santa Clara County.

"Prices have come down some, so we are receiving reports that many homes are selling with multiple offers," said Gene Lentz, president of the Silicon Valley Association of REALTORS®. 

 "The August sales and price reports are encouraging, though we have to see how the market plays out, especially with the impending reduction in conforming loan limits at the end of September."

If Congress does not grant an extension, the current FHA loan limit of $729,750 for Santa Clara County will drop to $625,500 and would negatively impact more than 12 percent of potential home sales in the county, according to the California Association of Realtors.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

» Back to Real Estate Articles

Site Navigation