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June Housing Update: Silicon Valley’s Blazing Housing Market Suffers Heat Stroke as June Prices, Sales Wilt
8/8/2013

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MLSListings Market Data Report: June 2013

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

June Housing Update: Silicon Valley’s Blazing Housing Market Suffers Heat Stroke as June Prices, Sales Wilt

Silicon Valley’s blazing housing market may be showing early signs of burnout, according to numbers released this month by MLSListings Inc. Year over year, the median price of single family homes increased in all counties by double digits, ranging from a 17% increase in Santa Clara County (now $811,206) to a 44% increase in Monterey County (now $417,000). Month over month figures may indicate an easing trend, however. For the first time since 2008, the overall median price of single family homes dropped from May to June, from a 5-county median of $765,000 in May to $762,000 in June. In the local markets, county median price of single family homes dropped from May 2013 by 2% in Santa Clara County and 6% in Santa Cruz County, while small increases were noted for Monterey (2%), San Mateo (6%) and San Benito counties (3%). Single family home sales are down year over year in most counties as well. Compared with June of 2012, single family sales in Santa Clara and San Mateo were down 8% and 10% respectively, Monterey sales were down 14%, and San Benito sales were down 6%. Only Santa Cruz County had an increase in sales of 16%. Although June Inventory levels remain lower than the same time last year, the trend in 2013 is showing improvement especially in Santa Clara and San Mateo Counties. Santa Clara inventory in January 2013 was down 57% from the prior year and is now down 28%, while San Mateo was down 54% in January and is now down 27%. Data for month-over-month comparisons can be found on www.mlslistings.com


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Month over Month

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Year over Year

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Note: MLSListings data is tabulated from the 3rd of the month to the 3rd of the following month, primarily to account for late corrections and additions by agents; these updates are often not included in most market reports. MLSListings’ Market Data report reflects the most current information on the day the reports are generated.