HOME PRICES FALLING IN SILICON VALLEY
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The median single family home price in Santa Clara County fell by more than a third in October to $515,250. According to research firm MDA Dataquick, the median condo price fell by 31% to $336,000.
While prices fell, sales prices were up with 24% more single family homes sold in the county in October 2008 compared to October 2007. Condo sales rose by 10%.
One bad sign for the real estate market is that foreclosed properties accounted for one-third of the sales in the county.
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