SAN JOSE, Calif., Aug. 12 /PRNewswire/ -- Vital housing statistics from July continued to indicate that the Santa Clara County housing market was strong and getting stronger, a trend uninterrupted since January.
The average sales price for a home – including single family homes, townhomes and condos – rose to $710,475, a 2.20 percent increase from June and a 12.42 percent increase from July 2009, according to MLSListings. It climbed higher each month this year except for a slight dip in May.
The higher inventory is another sign of the market momentum. 6,636 homes were for sale in July, a 2.80 percent increase from June and a 25.37 percent increase from July 2009. For condos and townhomes, the jump in inventory was even more remarkable. 1,998 of these properties were on the market in July, up 43.02 percent from July 2009.
"Higher home prices demonstrate that homebuyers have regained full confidence in the property value of our region," said Karl Lee, president of the Santa Clara County Association of REALTORS®. "They realize this could be the once-in-a-life-time opportunity to buy, with home prices still far below the peak, mortgage interest rates at new 50-year lows, and a big supply of homes to select from. Well priced homes often attract multiple offers. We urge sellers to carefully price their properties for fast sale by working with a knowledgeable REALTOR®."