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Drop in San Jose Repo Properties for Sale Pushed up Prices

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By : Allana Castro    99 or more times read
As the number of San Jose repo properties for sale declined in May, house prices improved substantially, and as buyers moved fast to take advantage of the housing inventory before prices shoot up, house sales also increased.

Repossession homes for sale and distressed homes dropped in number in San Jose and in other parts of Santa Clara County in May to 778 units, down by 41.9 percent from 1,339 units in May 2009 and by 19.46 percent from 966 units in the prior month. The number of bank owned units also dropped to 410 units over the year.

The median price for all pre-owned single-family houses sold in May in the county jumped by 23 percent over the year to $585,000, also marking a jump of 6.4 percent from the April median price. For the first time since August 2008, the sales price median in Santa Clara was just $7,750 away from the $592,750 record sales price level.

Local analysts said that the surge in house prices was largely due to the change in mix in sales. They said there were now fewer San Jose repo properties for sale and more higher-end houses on the market. In Santa Clara, 54 percent of all types of homes sold in May were purchased for $500,000 and above, up from the 42-percent share of higher-end homes one year earlier.

Meanwhile, the percentage of foreclosed homes sold dropped significantly from 34 percent in May last year to 19 percent in May this year, a percentage closer to the normal mix of house sales compared to previous percentages. Home sales also shot up by 24 percent over the month to a total of 1,464 homes in May.

The number of repossessed homes in California also dropped in May to 15,946 units, down by nearly six percent from almost 17,000 units in April. As the drop in San Jose repo properties for sale droveup prices, California home prices also improved as foreclosure filings slowed down on a year-over-year basis.
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