Pending home sales are an indicator of the strength of the housing market, and the numbers for March have been released recently. The spring market usually starts to pick up in March, and this year was no exception. Nationally, the index rose 1.4 percent from February and rose the same amount from March 2015. This is the 19th consecutive month of increase in the pending home sales index. The Silicon Valley real estate market also saw an increase, though it was well above the national average. While much of the Bay Area saw a contraction of 3.7 percent, Silicon Valley homes pending sales rose 11.6 percent in comparison to last year. In comparison, the average for all of California was a rise of 12.7 percent.
Pending Sales of Silicon Valley Homes on the Rise
Silicon Valley real estate prices also rose significantly. The median sales price in March 2016 was just over a million dollars, which was an increase from February’s $942,500. The median sales price also increased in comparison to March 2015 by 14.3 percent, from $932,100. These increases are helped along by several factors, including a strong jobs market and lower mortgage rates.
Please get in touch with our office if you are planning to sell or purchase a home in the near future. We would be happy to answer questions about how these market conditions will affect your plans.