Santa Clara, San Mateo Home Prices on the Rise
Santa Clara and San Mateo counties continued to defy the national trend of falling home values during the second quarter. Median values in the two counties showed encouraging gains in a report released yesterday by Zillow, though the region is still hindered by a large number of homes with negative equity.
Santa Clara County homes, according to the report, sold at a median price of $600,000 between April and June; a 7.2 percent rise from the previous quarter. San Mateo’s median sales price during that time rose 2.5 percent to $655,000. The two markets appear to have stabilized ahead of most of the nation, according to analysts.
During the same period, national home values fell by just over 3 percent on an annual basis. They were, however, in line with most of California. Statewide, the market has showed signs of recovery, with median values up 3.5 percent for the year.
The median value for homes across the nation has declined for fourteen quarters in a row, though the pace has slowed over the last two. Santa Clara County has seen its median price rise for four consecutive quarters, and San Mateo’s for the last two. Analysts say that California’s real estate market has likely been boosted by sales in April before the expiration of federal and state tax credits for homebuyers.