October 2015 - Silicon Valley Single-Family Home Sales Show Weakening for First Time in a Year

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

Silicon Valley Single-Family Home Sales Show Weakening for First Time in a Year

Single-family home sales in October 2015 are below last year’s levels in three of the five home counties, with San Mateo showing a double digit decline of 16%. Santa Cruz and Santa Clara dropped 4%and 3%, respectively. San Benito County sales grew 14%for the second month in a row, and Monterey County grew 3%. Compared to September 2015, sales dropped 24%in Santa Cruz, 9%in San Mateo, and 7% in Santa Clara Counties. Meanwhile, sales grew 16%in San Benito and 8%in Monterey Counties.

Single-family homes inventory in October dipped slightly from September, but remains substantially above October 2014 levels. By county, San Mateo inventory is up 46%from the same period last year, Santa Clara is up 42%, Monterey is up 19%, and Santa Cruz is up 12%. San Benito dropped 9%. Compared to last month, there is decline across all home counties. Both Santa Clara and Santa Cruz dropped 6%,San Benito 4%,Monterey 2%, and San Mateo 1%.

Finally, compared to 2014, the median price remains positive, with the counties of San Benito up 14%, San Mateo up 10%, Santa Clara up 9%, and both Monterey and Santa Cruz up 4%. But compared to last month, the median price dropped 1% in both San Mateo and Santa Clara, and 2%in Santa Cruz Counties. San Benito County grew 4%and Monterey County grew just 1%. .

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Data supplied is for MLSListings Inc five home counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz. MLSListings data is tabulated the third of every month to the third of the following month; primarily to account for late corrections and additions by agents. These updates are often not included in most market reports. The Market Indicators Report reflects the most current information on the date the report is generated.

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