Distressed properties continue to fuel home sales in Santa Clara County and across the state in October. Silicon Valley home sales jumped 42% as the median price dropped 36% to under $550,000, according to the state Association of Realtors.
One city in Silicon valley bucking the trend is Mountain View, where the median home price increased 18% from a year ago to $860,000. Statewide, sales increased 117% as the median price dropped 40% from a year ago to $311,000.
Most October sales likely opened escrow prior to the beginning of the ongoing freeze in the financial markets, so the full impact of the fallout is not expected to be seen until November and December sales are reported.
