SAN JOSE, Calif., Aug. 6, 2013 /PRNewswire/ -- Showing no signs of a mid-summer slowdown, average home sale prices in Santa Clara County continued to rise in July. The average sale price of single family homes went up 15.7 percent and that of condos rose 20 percent in July year-over-year, according to data compiled by MLSListings.
The June average sale price for single family homes was $1,057,628, up from $913,950 in July 2012. The July average sale price for condos was $524,090, up from $436,507 a year before.
"The fact that we've had several consecutive months of home price increases is an indication that the housing market has begun to rebound in Silicon Valley," commented Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "Home owners can rejoice that their homes and condos are worth more than they were a year ago."
Strong demand and limited supply means homes are selling more quickly than they normally would. In July, single family homes were on the market for an average of 26 days, down from 43 days for the same month in 2012; condos were on the market for an average of 19 days, down from 53 days in July 2012.
Sellers of single family homes in July received 103.61 percent of their asking prices while sellers of condos received 105.74 percent.
New listings for single family homes and condos in July stood at 1,514 and 612, up from 1,209 and 424 for the same month of 2012. However, inventory for single family homes was 2,111, down from 2,460 in July 2012 and inventory for condos dropped to 771 from 790 in July 2012.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.
SOURCE Santa Clara County Association of REALTORS