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Highlights of October 2014 Real Estate Report for Santa Clara County
Highlights of October 2014 Real Estate Report - Santa Clara County
Quantitative Easing and Mortgage Rates The Federal Reserve has ended quantitative easing, again. What does that mean for mortgage rates?
For the moment, nothing. The Fed isn't expected to raise short term interest rates until the middle of next year.
Also, the Fed has a very limited ability to affect long-term interest rates.
Plus, the dollar reached a four-year high recently. Why? Because the economies of other countries around the world are still lackluster and that means money is pouring into the United States, thus keeping interest rates low.
Don't expect that to change for a couple of years.
As noted last month, the lack of inventory will push prices up. It did.
Last month the median price for single-family, re-sale homes once again hit $875,000, our new post-recession high which was first reached in June.
The average price for homes hit a new all-time high in October.
October Market Statistics (Santa Clara County) Year-Over-Year (October 2014 vs. October 2013)
Median home prices increased by 19.4% year-over-year to $875,000 from $733,000. The average home sales price rose by 23.1% year-over-year to $1,156,090 from $939,186. Home sales fell by 20.9% year-over-year to 929 from ... more
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