Over the apex, part II:
Home prices fall in August
San Jose Mercury News
Sat, Sep. 21, 2002
The median price of homes sold in August in Santa Clara County -- while up 11 percent from a year earlier -- fell again from the month before, a real estate information firm said Friday.
But even though the median price fell 2 percent from July, it was still at $505,000 in August for single-family homes -- not exactly a bargain. That drop is in addition to a 1 percent decline in the median price from June to July.
Real estate professionals have been saying for months that home sales have slowed, especially for more expensive properties, and the records of completed sales seem to bear that out.
A total of 1,433 existing single-family homes changed hands in Santa Clara County last month, the lowest number since February, according to public records gathered by DataQuick Information Systems. The figure is down 6 percent from July but up 13 percent compared with August 2001.
"The number of sales is an indication of how many buyers are willing to put their money on the line, and that number is decreasing", said broker Richard Calhoun of Creekside Realty in San Jose, who tracks the county's real estate statistics daily.
The Santa Clara County market has slowed, according to a number of indicators. About 4,800 houses and condominiums are on the market this week, up from about 4,400 in early August -- and this is at a time of year when the supply of homes is typically decreasing, Calhoun said.
It's also taking longer to sell homes. According to multiple listing service data, the houses for which sales were completed in August were on the market for a median 25 days, compared with just 15 days for those that closed in June.
bayarea.com |
