The latest REALTOR® housing market report indicates California existing home sales and median price retreated in September, but were still higher than a year ago. The September housing market data is characteristic of the off-season trend, according to REALTOR® officials.
The California Association of REALTORS® (C.A.R.) reports closed escrow sales of existing, single-family detached homes in California totaled 425,030 units in September, down 1.5 percent from the revised 431,630 units in August. Home sales were up 6.9 percent compared with home sales in September last year. The year-to-year change was lower than the 6-month average increase of 9.7 percent between March and August 2015.
The median price of an existing, single-family detached California home decreased 2.3 percent in September to $482,150 from $493,510 in August. September's median price was 4.3 percent higher than $462,380 in September last year.
"The statewide median home price has been on the rise but may have already peaked for the year," said Leslie Appleton-Young, C.A.R.'s vice president and chief economist. "Home prices are moderating due partly to a shift in the mix of sales, as more homes are being sold in lower priced regions."
Appleton said in the Central Valley sales share increased from 25.5 percent last year to 26.4 percent in September. Conversely, the Bay Area's home sales share decreased from 18.8 percent to 17.2 percent during the same time period.
"This trend will likely persist through the rest of 2015," said Appleton-Young.
Home sales and prices are reflective of what happens at this time of year, said Chris Isaacson, president of the Silicon Valley Association of REALTORS®. "This is usually the trend as the market transitions into the off-season. The Bay Area's housing market is still healthy, with demand still strong, but we are seeing movement to neighboring areas that are more affordable. This is understandable due to the lack of inventory and high prices on the Peninsula and in the South Bay."
Closed escrow sales of single-family detached homes in Santa Clara County in September were down 6.8 percent from August, and 4.1 percent higher than sales in September 2014. The September median price of an existing, single-family detached home in Santa Clara County was $955,000, down 1.8 percent from $973,000 in August and 12.4 percent higher than $850,000 in September 2014.
In San Mateo County, September sales of existing, single-family detached homes increased slightly by 0.8 percent from August and were down 3.9 percent from September 2014. The September median of $1,200,000 was down 2.8 percent from the August median of $1,234,000 and 11.6 percent higher than the September 2014 median of $1,075,000.
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 email or call the SILVAR office at (408) 200-0100.