Silicon Valley's home sales slump continued in December, with both the number of transactions and median prices in Santa Clara County down from a year earlier.
The number of single-family houses that changed hands was down 9.9 percent last month from December 2009, San Diego-based MDA DataQuick reported today. The median price dropped 1.7 percent to $517,000.
The volume of condo sales fell 7.1 percent, and the median price was down 11.6 percent to $294,250.
The market in Silicon Valley reflected trends throughout the Bay Area, where real estate transactions were "dominated by distress sales," with move-up buying put on hold, DataQuick reported.
"While the dicey economy and employment concerns are major factors, tight mortgage credit is also a big issue right now, especially for the upper half of the market," DataQuick President John Walsh said in a news release.
"There's a lot of pent-up supply and demand out there, which will start to meet when the lenders reopen their spigots a turn or two," Walsh said.
Real Estate
California median home prices dip in DecemberHome sales hit 13-year low; slow recovery aheadMortgage rates: Average on 30-year fixed loans rises to 4.74 percentU.S. home sales: 2010 was weakest year since 19972010 was 2nd-worst year for home construction in half-centuryHome sales: Southern California median price flat in DecemberRent increases on the way, analysts sayMortgage rates: Average on 30-year fixed home loan dips to 4.71%
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Friday, January 21, 2011
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