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June median home prices dip in local housing markets

Wednesday, July 17, 2013

The California June median price of an existing single-family detached home rose 2.7 percent in June, but month-over-month figures slowed in some local markets. For the first time since 2008, the overall median home price dropped from May to June in the five-county area MLSListings Inc. serves, according to the multiple listing service.

MLSListings reports the June median price of single-family homes increased by double digits from the same time last year in all five counties of Santa Clara, San Mateo, San Benito, Santa Cruz and Monterey. Price increases ranged from 17 percent in Santa Clara County, where the June 2013 median price of a single-family home was $811,206 to 44 percent in Monterey County, which had a June median of $417,000.

Month-over-month figures slowed, however, from a five-county median of $765,000 in May to $762,000 in June. The June median price of a single-family home declined 2 percent from the previous month in Santa Clara County and was down 6 percent in Santa Cruz County. The counties of Monterey, San Mateo and San Benito saw smaller prices increases this time around, up 2 percent, 6 percent and 3 percent, respectively.

"We may be starting to see prices level off. For a time prices were escalating too rapidly and in some cases, not sustainable. This could be an indication that our local markets are stabilizing," said Carolyn Miller, president of the Silicon Valley Association of REALTORS®.

Meanwhile, the California Association of REALTORS® reports the statewide median price of an existing, single-family detached home was $428,510 in June, up 2.7 percent from May's median price of $417,350. June's median was up 33.5 percent from a revised $320,990 in June 2012. The statewide median price has stayed above the $400,000 mark for the third straight month – a good sign, according to the state REALTOR® group.

Locally, single-family home sales are down year-over-year in most counties, according to the local MLS data. Compared with June of 2012, single-family home sales in Santa Clara and San Mateo counties were down 8 percent and 10 percent, respectively. Monterey County home sales were down 14 percent, and San Benito County home sales fell 6 percent. Only Santa Cruz County had an increase in sales of 16 percent. The same is true for the state. Statewide closed escrow sales of single-family homes in June were down 3.7 percent from June 2012, according to C.A.R.

June inventory levels are starting to show some improvement, especially in the Silicon Valley region. Santa Clara County's inventory in January 2013 was down 57 percent from the prior year and down just 28 percent year-over-year in June. Inventory in San Mateo County was down 54 percent in January and down 27 percent in June.


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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