- Home sales increased, year-over-year, by 21.5% in June. Year-to-date, home sales are up 25.4%.

- The median price for single-family, re-sale homes jumped back over $500,000 for the first time since last December.

- Days of Inventory now stands at 69.

Home sales increased, year-over-year, by 21.5% in June. This is the twelfth month in a row homes sales have been up compared to the year before. The 1,192 homes sold were the most since June 2006 when 1,192 homes were sold also. Year-to-date, home sales are up 25.4%.

The median price for single-family, re-sale homes jumped back over $500,000 for the first time since last December, gaining 12.1% in June from May. Year-over-year, the median price was off 24.5% The average price gained 6.5%, month-over-month, but was off 24.1% compared to June 2008.

Inventory dropped to its lowest level since January 2007. It was down 56% year-over-year.

Pending sales, which is a leading indicator, was up 32.2% compared to last June.

The sales price to list price ratio for homes rose 0.5 of a point to 99.4%.

Days of inventory dropped 24 to 69 days for homes.

Condo sales rose 13.4% from May, and were up 33.3% year-over-year.

The median price for condos rose 12.7% from May, but it was off 23.2% compared to last June. The average price gained 7.4%, month-over-month, but was down 26.2% compared to June 2008.

Condo inventory was down 55.7% year-over-year, while pending sales were up 28.2%.

The sales price to list price ratio for condos rose 1.2 points to 98.8%.

Go to my on-line site SCVReport.com for the full report, plus a city-by-city breakdown.

If you would like to search for properties in the Santa Clara Valley, go to my online search form at: MLS Search

If you find the Santa Clara Valley Real Estate Report useful and know someone else who might, please feel free to forward this e-mail to them. There is also a four page printable version with more articles here:
Printable Report.

Sincerely,

Andrew Hartland