Median Home Price Rises 27.5% Year-to-Year in Mountain View

Citing increased demand, strained inventory, record-low mortgage rates and robust investor interest, a real estate information service reported this month that home values Santa Clara County continued to rise this autumn.

DataQuick reported that the median home price in Mountain View rose 27.4 percent from $590,000 in October 2011 to $751,750 a year later. A total of 74 homes exchanged ownership in October 2012.

That's a higher increase than the Santa Clara County average, where property values grew to $550,000 in November 2012, up 21.7 percent from $452,000 a year earlier, according DataQuick's figures. Across the county, total of 1,707 homes sold in November 2012, up 15.5 percent from 1,478 in November 2011.

The rise of the median home price in Santa Clara County had some individual cities showing remarkable spikes, according to DataQuick's city data for October. In Palo Alto, for instance, the median home price jumped from $1,058,000 in October 2011 to $1,605,000 in October 2012, almost a 52 percent increase.

Suunyvale, Santa Clara, Milpitas, Los Gatos and Saratoga all had double-digit, year-over-year percentage increases in their median home price.

The month of strong sales and rising sale prices in Santa Clara County was on part with most of the Bay Area housing market, which "continued its march toward normalcy in November," DataQuick reported.

A total of 7,296 new and resale homes were sold in the nine-county Bay Area last month. That was up 15.5 percent from 6,317 for November 2011, according to DataQuick.

"Current trends are likely to stay with us well into spring, at least," John Walsh, DataQuick president, said in a statement. "One of the variables that could really impact the market would be supply—how many homes are put up for sale. There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that."

The median price paid for a home in the Bay Area was $438,000 in November. That's up 5.3 percent from $416,000 in October and up 20.5 percent from $363,500 in November a year ago. Last month’s median was the highest since August 2008, when it was $447,000.

Here's a Bay Area breakdown of home sales and median price: 

Last month distressed property sales—the combination of foreclosure resales and "short sales"—made up 35.0 percent of the resale market. Foreclosure resales—homes that had been foreclosed on in the prior 12 months—accounted for 11.5 percent of resales in November. 

Absentee buyers, mostly investors, purchased 24.4 percent of all Bay Area homes in November, up from 23.7 percent in October, and up from 21.7 percent a year ago.

Here's a breakdown of Mountain View home sales and median price:

Tell us in comments: How are rising home prices affecting you?

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