Santa Clara Valley Home Sales Highest Since 2007
Home sales increased, year-over-year, by 10.9% in May. This is the eleventh month in a row homes sales have been up compared to the year before. The 984 homes sold were the most since May 2007 when there were 1,022 homes sold. Year-to-date, home sales are up 26.7%.
The median price for single-family, re-sale homes rose 4.5% in May from April. Year-over-year, the median price was off 36.2% The average price gained 7.9%, month-over-month, but was off 33.2% compared to May 2008.
Inventory dropped to its lowest level since February 2007. It was down 42.7% year-over-year.
Pending sales, which is a leading indicator, was up 41.5% compared to last May.
The sales price to list price ratio for homes rose 0.5 of a point to 98.9%.
Days of inventory dropped 24 to 93 days for homes.
Condo sales rose 20.3% from April, and were up 20.8% year-over-year.
The median price for condos rose 10.7% from April, but it was off 38.3% compared to last May. The average price gained 7.3%, month-over-month, but was down 33.2% compared to May 2008.
Condo inventory was down 42.3% year-over-year, while pending sales were up 41.8%.
The sales price to list price ratio for condos rose 0.5 of a point to 97.6%.
Pending Sales Have Surpassed Active Sales, a sign the market has or is close to bottoming out.
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