Silicon Valley home prices up 15.7% in July


“Home owners can rejoice that their homes and condos are worth more than they were a year ago.”

Average home sale prices in Santa Clara County continued to rise in July, but with some inventories growing and sales shrinking short term, there are small signs of crimps in Silicon Valley’s armor.

The average sale price of single family homes went up 15.7 percent and that of condos rose 20 percent in July year-over-year, according to data compiled by
MLSListings Inc.

The average sale price for single family homes was $1,057,628, up from $913,950 in July 2012. The July average sale price for condos was $524,090, up from $436,507 a year before.

“The fact that we’ve had several consecutive months of home price increases is an indication that the housing market has begun to rebound in Silicon Valley,” Carl San Miguel, president of the Santa Clara County Association of Realtors.

“Home owners can rejoice that their homes and condos are worth more than they were a year ago,” San Miguel added.

Silicon Valley home prices up less month to month

Maybe not so much, for long. MLSListings reveals smaller month to month gains in the median price in Silicon Valley, up 4 percent for single family homes from June to July and up only 1 percent for condos during the same period. During the same period the average price was down 2 percent for condos.

SCCAOR said strong demand and limited supply means homes are selling more quickly than they normally would. In July, single family homes were on the market for an average of 26 days, down from 43 days for the same month in 2012; condos were on the market for an average of 19 days, down from 53 days in July 2012.

Silicon Valley sellers of single family homes in July received 103.61 percent of their asking prices while sellers of condos received 105.74 percent.

New listings for single family homes and condos in July stood at 1,514 and 612, up from 1,209 and 424 for the same month of 2012.

Inventories for single family homes was 2,111, down from 2,460 in July 2012 and inventory for condos dropped to 771 from 790 in July 2012.

However, month to month inventories were up 12 percent for both types of housing. Continued growth in inventories could keep Silicon Valley prices from rising so quickly.

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