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REALTOR®: August marks fifth straight month of year-over-year gain in California home sales

Wednesday, September 26, 2012

The California Association of REALTORS® (C.A.R.) reports statewide sales of existing single-family detached homes fell in August compared with the previous month, but August sales marked the fifth consecutive month of year-over-year sales gains.

According to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide, closed escrow sales of existing, single-family detached homes in August totaled 511,240 units, down 3.4 percent from a revised 529,430 in July, but up 2.3 percent from 499,880 in August of last year.

The statewide median price of an existing, single-family detached home was $343,820 in August, up 3 percent from July's $333,860 median price, and up 15.5 percent from $297,660 recorded in August 2011. This was the sixth consecutive month of both month-to-month and year-to-year price increases. The August median price was the highest since August 2008, when the median price was $352,730.

In Santa Clara County, August home sales experienced a year-over-year sales gain of 2.9 percent and were 0.3 percent higher than July's sales. The median price of an existing single-family detached home was of $666,750, 3.4 percent lower than the July median of $690,000. The August median was 12 percent higher than the median of $595,000 the same time last year.

With strong demand and a lean inventory, homes on the market are moving quickly. In Santa Clara County, the median number it took to sell a single-family home was 20.9 days in August, down from 21.4 days in July and 26.4 days in August of last year.

"If a home is in good condition and priced right, it is very likely to receive numerous multiple offers," said Suzanne Yost, president of the Silicon Valley Association of REALTORS®. "The lack of inventory is driving housing toward a seller's market."

MLSListings Inc. reports both Santa Clara and San Mateo counties shared a 39 percent drop in their single-family inventory in August. According to the multiple listing service, Silicon Valley is "outpacing the nation in lean inventory" since the 39 percent drop in inventory is more than the national average of 31.2 percent reported by the National Association of REALTORS®. The statewide inventory is down over 30 percent from last year, according to C.A.R.

Inventory for existing, single-family detached homes in Santa Clara County remained at 2.1 months, the same as in July, and down from 3.5 months in August 2011. Statewide inventory dropped to 3.2 months from 3.5 months in July and 5.2 months in August 2011. A six- to seven-month supply is considered normal.


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.

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