August 31st, 2011
According to an article in the San Jose Mercury News, home prices in the South Bay are down compared to the previous month. Santa Clara county median home prices and San Mateo county prices are in a similar range, and both are down from last month.
This is a result of slow home sales – a mixture of reluctant buyers and sellers taking their homes off the market if they can’t get the price they want.
Home sales are stronger in Santa Clara county than in San Mateo, but both counties saw a drop. Real estate agents are not surprised, and say that while interest rates are low as well as home prices, it can be difficult for their clients to get a loan.
According to the Mercury, “sales of existing single-family houses in Santa Clara County dropped 16 percent from June to July and were 6 percent lower than a year ago. San Mateo County saw a 14 percent drop in sales from June, but sales were almost unchanged from a year earlier.”
These low home prices along with low interest rates make it a good time to consider buying.