The spring housing steam has kept on going!
The median home sale in Santa Clara County reached $960,000 for single family homes, and for condo and town homes, the median price is $565,000.
These numbers have gone up from the March median from $930,000 for single family homes. For condo and town home, actually there is a break from March’s number of $665.000.
Inventory crunch is still the problem in the Valley. That’s why the price remains robust. The trend is likely to continue into the summer. Multiple bids plus none contingencies offers have become norms in housing purchase process. The main factor keeps this trend climbing are the favorable interest rates. The lending market is still sending its friendly gesture to the consumers. Although the threat of raising interest rate was a concern at the Fed meeting in March, but this aspect had once again been played down until June meeting.
30-year conforming loan ($417,000) keeps at 3.75%. And jumbo loan ($625,000) at 3.875%. Jumbo loan, up to 2 million is 4%, for the week of 5/18.
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