MLSListings Inc. reports market activity “slowed to a crawl for nearly all indicators” in the month of June for Santa Clara County and four other neighboring counties. The severe shortage of homes is impacting home sales, sparking multiple offers and slightly higher home prices in a number of communities.

The Silicon Valley Association of Realtors’ multiple listing service provider reports Santa Clara County had 1,093 closed sales of single-family homes, virtually unchanged from 1,097 in June 2011. Santa Clara County’s June’s inventory took a dive of 38 percent from last year. The county’s inventory of 2,589 homes was down 42.2 percent from inventory in June 2003 and down 57.4 percent from 6,071 homes on inventory in June 2008.

According to the MLSListings report, Santa Clara County saw its June 2012 median price of $695,000 jump 9.4 percent over the previous year. The June median for a single-family home in Santa Clara County is 26.2 percent higher than the median of $550,500 in June 2009, when home prices resumed their upward trend.

Unless inventory opens up, home buyers will continue to be squeezed in this tight market, says Suzanne Yost, president of the Silicon Valley Association of REALTORS®. “Many families are already having a difficult time finding a place to live. We will continue to see first-time home buyers facing strong competition from investors with cash. For motivated sellers, pricing is a key factor,” said Yost.

 

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