August's housing numbers seem to suggest a reversal in the increasing number of home sales in the Silicon Valley area housing markets. According to MLS Listings the housing data for August is down when compared to this point last year as well as down from even July of this year. This would seem to suggest a stablizing trend in the single family housing market. There are less multiple offers for homes then in past months but the availablility of housing still remains relatively thin.
Of note for us in Santa Cruz county the sale of single family homes from this time last year is down 3% and from July 2013 the sale of single famiily homes is down about 4%. This decline in sales is attributed to the increase in interest rates for home loans as well as a thinning out of the supply of homes currently on the market. The inventory of homes from July to August of 2013 is down about 2% here in Santa Cruz.
The reverse is true for the sale of condos and townhomes. The sale of these properites is up dramatically since the start of the year. Since January 2013 the sale of condows and townhomes have risen by a remarkable 59%. MLS Listings points out that this increase in sales maybe an indication that condos and townhomes may start to become the new entry level for new home buyers who are now being priced out of the single family housing market.
While this housing news suggests that the numbers of sales are down for this time of year I believe now is the time to begin your home search here in Santa Cruz in order to purchase your home before interest rates continue to rise. If you would like to learn more about why you should make Santa Cruz the next great community you can call home please feel free to email me, Pete Cullen at pete@petecullen.com. Please aslo make sure to add me on Facebook. See you in Santa Cruz!
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