BAP Blog San Jose Silicon Valley Home Sales Fall

Data Quick is reporting that Silicon Valley home sales last month dropped sharply from a year earlier. The median resale house price in Santa Clara County was exactly the same as it was in May 2010. The number of resale single-family home transactions in the valley was down 22.3 percent from May 2010. However, the median price was $585,000 both last month and a year earlier. In the resale condominium market, the number of sales dropped 8.1 percent year over year, and the median price fell 13.9 percent to $310,000. In most of the Bay Area, sales volume and median prices declined. It appears sales got a big shot in the arm a year ago, when people rushed to take advantage of expiring homebuyer tax credits. But today's market must stand on its own and it appears to be having a hard time doing that in the absence of stronger job growth and consumer confidence. DataQuick did note an uptick in sales in ZIP codes representing the top one-third of the market which suggesting that those neighborhoods now account for a fairly normal level of sales relative to overall regional activity.