Bay Area Home Prices Up AGAIN?
Friday, December 18, 2009
This must be a symptom of low supply and the fear the bottom has passed.
The median price of a home sold in the county rose 9.9 percent compared to a year ago to $494,400 in November, according to MDA Dataquick, the second straight month of year-to-year increases.
The number of homes sold also rose 47.2 percent to 1,649 in Santa Clara County.
“The latest stats show just how much the Bay Area market has changed in a year,” said John Walsh, MDA DataQuick president.
The question I hear most is…”Has the market bottomed out?”
If this price trend continues for another quarter I will answer with a firm, yes. For now, let’s agree that the prices are not falling and the inventory is very low especially, in the Los Gatos Real Estate Market. This usually means higher prices, not to mention, the low 4.8% 30 year fixed mortgage rates available.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,639 last month, down from $1,665 the previous month, and down from $1,695 a year ago reports Dataquick.
That’s 52.2 percent below the current cycle’s peak in July 2007. What a steep slide. It’s true that more streamlined Short Sale process will balance the severely discounted REO closings to help further the trend too.
Looking forward to 2010?
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