US Housing Data in September 2015
The national median existing home price in September 2015 was $221,900. Which is an increase of 6.1% from a year ago. Last year the median price was $209,100. However, on a month to month statistic, it is the third straight month of decline. According to Lawrence Yun, Chief Economist for NAR, “This (decline) always occurs after the summer months, there’s no surprise.”
Lawrence Yun explains, “Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent–up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home.” He explains the first time home buyers challenge, “Unfortunately, first time buyers are still failing to generate any meaningful traction this year.” When compared to the entire buying population, first time home buyers fell to 29% of all buyers in September of 2015 after climbing to their high’s of 32% in August 2015. Last year the first time home buyer was very similar and made up 29% of all buyers.
California Housing Data for September 2015
When we look at the housing data on a statewide level. September’s statewide median home price was $482,150 which is down 2.3% from August 2015. The median number of days it took to sell a single-family home edged up in September 2015 to 32.6 days compared with 29.9 days in August 2015. The Bay Area is the only region where homes are selling above original list prices due to constrained supply with a ratio of 102.4% in September 2015, up from 101.2% a year ago September 2014.
Santa Clara County data on SFH September 2015
September SFH Property sales were 941, up 3.2% from 912 last year September 2014 and -7.9% lower than the 1,022 sales last month in August 2015. January through September 2015 Year To Date sales of 8,363 SFH sold are running 6.6% ahead of last year’s YTD sales of 7,846 SFH Sold.
Median SFH Sales Price in September 2015 was $950,000, up 11.9% from $849,000 in September of 2014 and down -1.7% from $966,200 last month in August. The Average Sales Price for Single Family Homes in September was $1,232,555, up 11.8% from $1,102,154 in September of 2014 and down -0.9% from $1,244,275 last month in August 2015.
Total Inventory of SFH Properties available for sale as of September was 1,450, up 4.7% from 1,385 last month and down -7.1% from 1,560 in September 2014.
Average Days On Market (DOM) for SFH shows how many days the average Single Family Home is on the Market before it sells. An upward trend in DOM a buyers market, a down trend a sellers market. The DOM for September 2015 was 22 Days On Market which remained unchanged from last month in August but down -18.5% from a 27 Days on Market in September 2014 last year.
September 2015 Selling Price per Square Foot for SFH of $656 was down -0.2% from $657 last month and up 11.4% from $589 in September of 2014.
September 2015 Selling Price vs List Price for SFH was 103.7% was down from 104.7% last month and up from 103.5% in September of last year. For example, if a home is selling for $100,000 they sold it at 103.7% higher or at $103,700 in September 2015 but would have received $104,700 in August 2015. So the overbidding on homes has calmed down a bit.