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Upward Trend in Median Price and Home Sales Continues in Santa Clara County

Tuesday, April 27, 2010

Santa Clara County's median home price for an existing single-family home in March rose to $590,000, up 7.3 percent from the same time last month and up 31.5 percent from March 2009. Los Altos, Palo Alto, Los Gatos and Cupertino ranked among the top 10 cities with the highest median home prices in California during March 2010. Single-family home sales also jumped 49 percent from the prior month and were 30.5 percent more than in March of 2009.

"This is good news for homeowners, as we see prices in our region returning to their normal levels. The number of sales are up significantly, which shows the market is rebounding," said Silicon Valley Association of REALTORS® President Jeff Bell.

The California Association of Realtors reports closed escrow sales of existing, single-family detached homes in California totaled 516,590 in March, up 2.5 percent from the 504,200 pace compared with the same period a year ago.
 
The median price of an existing, single-family detached home in California during March 2010 was $301,790, a 20.8 percent increase from $249,790 in March 2009, and up 7.8 percent compared with February's $279,840 median price. The March year-to-year median price gain was the largest in more than five years

Buyers recognized incentives are out there for them, according to the state Realtor group's vice president and chief economist Leslie Appleton-Young. "While the federal tax credit has helped drive sales, near record-high affordability resulting from current prices and low mortgage rates also has impacted the market," said Leslie Appleton-Young.

C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in March 2010 was five months, compared with 5.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate. The median number of days it took to sell a single-family home was 39.2 days in March 2010, compared with 48.5 days for the same period a year ago.

Statewide, the 10 cities with the highest median home prices in California during March 2010 were: Los Altos, $1,476,500; Manhattan Beach, $1,340,000; Palo Alto, $1,264,000; Calabasas,
 $1,260,000; Newport Beach, $1,102,250; Palos Verdes Estates, $1,017,000; Mill Valley, $910,000; Rancho Palos Verdes, $878,500; Los Gatos, $869,000; and Cupertino, $865,000.

"We remain positive that the housing market will continue to stabilize, as California home buyers take advantage of the new state home buyers tax credit this year," Bell said.

Improvement in the county and state's housing market mirrors a nationwide sales and price report. A new report from the National Association of Realtors disclosed sales of existing single-family homes across the U.S. rose at a higher rate than expected in March, jumping 7.3 percent from February and up 13.3 percent from a year ago.


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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