Santa Clara County Stats At A Glance
- Median home prices increased by 13.8% year-over-year to $970,000 from $852,500.
- The average home sales price rose by 10.1% year-over-year to $1,220,730 from $1,109,020.
- Home sales fell by 2.8% year-over-year to 684 from 704.
- Active listings rose 19.9% year-over-year to 1,656 from 1,381.
- Sales price vs. list price ratio fell by 0.2% year-over-year to 102.5% from 102.8%.
- The average days on market fell by 6.7% year-over-year to 28 from 30.
Compared To Last Month
- Median home prices improved by 1.0% to $970,000 from $960,000.
- The average home sales price fell by 1.7% to $1,220,730 from $1,241,810.
- Home sales down by 19.1% to 684 from 846.
- Active listings dropped 14.7% to 1,656 from 1,941.
- Sales price vs. list price ratio dropped by 0.4% to 102.5% from 103.0%.
- The average days on market increased by 6.6% to 28 from 26.
Lack of Affordable Homes to Continue
Housing affordability is one area where California can expect to experience long-term pain. Statewide, the percentage of households that earn enough to purchase a median-priced home rose 34 percent in early 2015 before settling in the low 30s—down from a high of 53 percent in 2011 and 36 percent in 2014. In high-priced coastal cities, percentages have fallen into the teens and lower.
The cause? Too many people, not enough homes being built, and rising prices that make it difficult, if not impossible, for many renters to buy. With renters paying a larger share of their income on rent, it is more difficult for them to save for a down payment.
“When I think about affordability, the first thing I think is, ‘Do we have an adequate supply?’” said Raphael Bostic, Ph.D., Judith and John Bedrosian Chair in Governance and the Public Enterprise at USC’s Price School of Public Policy, who recently returned to USC following three years as chief policy and research advisor to the Secretary of the U.S. Department of Housing and Urban Development.
“In many markets in California, the answer is no.”