SAN JOSE, Calif., June 17 /PRNewswire/ -- Sellers sold more homes in Santa Clara County in May than the same month last year, extending a streak of monthly sales increase in year-over-year comparison since January.
Buyers and sellers closed sales on 1,670 homes last month, including single family residences, townhouses and condos, according to MLSlistings Inc. It represented a 29.96 percent increase from April and a 28.36 percent rise from the same month last year.
"Homebuyers continue to take advantage of the low mortgage rates and attractive price points," said Karl Lee, president of the Santa Clara County Association of REALTORS®. "First-time buyers and investors are knowingly bidding against multiple contenders, because the opportunities are simply too good."
The average home price stood at $670,510, 16.75 percent higher from May last year. It was 2.12 percent lower than April because of a recent surge in the sales of entry level homes. Townhouse and condo sales went up 40 percent while sales in single family residences rose only 26.77 percent from April to May.
Inventory dropped slightly in May. 6,005 homes were for sale, a 0.43 percent drop from April and a 0.40 percent drop from the same month last year.
"For sellers who are serious about selling, it's time to hire a qualified REALTOR® and take advantage of the multiple-offer market," Lee said. "The demand is so high even lenders are approving short sales faster to benefit from the buying frenzy."
SCCAOR President Karl Lee can be reached for comments at email@example.com or 408.205.1726.
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 7,000 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.
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SOURCE Santa Clara County Association of REALTORS