Although September home sales were down 2 percent from the previous month, California home sales were up on a year-to-year basis for the third consecutive month and remain at stable levels, the California Association of REALTORS® (C.A.R.) reports.
According to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide, September closed escrow sales of existing, single-family detached homes in California were up 4.1 percent from the revised 468,700 units sold during the same period a year ago. September's home sales of 487,940 units were down from 498,320 in August.
State REALTOR® officials attribute the month-over-month lag to heightened economic uncertainty due to the debt debate, weakened stock market, and pending changes to the conforming loan limit. "This heightened uncertainty, coupled with the lower conforming loan limit, which some large lenders began implementing in early July, had an adverse impact on September sales," said C.A.R. president Beth L. Peerce.
"September home sales remained on track with expectations for this year, and sales for all of 2011 should be about even with last year, slightly above 490,000 units," said C.A.R. vice president and chief economist Leslie Appleton-Young.
California's median price has declined, reflecting improved affordability. The September statewide median price of an existing, single-family detached home sold in California was $287,440, down 3.2 percent from $297,060 in August and down 8 percent from the $313,460 median price recorded for September 2010.
Santa Clara County did not fare as well in September, according to C.A.R.'s data. Sales of existing single-family homes were down 1.9 percent from September 2010 and fell 14.5 percent from the previous month. The September 2011 median price of an existing single-family home was $569,100, down 4.4 percent from the August 2011 median of $595,000 and down 6.4 percent from the median of $608,000 in September 2010.
C.A.R. reported the median number of days it took to sell a single-family home was 54.4 days in September 2011, compared with 50.3 days for the same period 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.
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