Home sales improve across the nation: Trend apparent in San Jose
As 2012 comes to a close, some potential homebuyers are debating whether now is a good time to purchase the properties they have always dreamed about. After patiently waiting for the economy to right itself following the housing bust of the mid-2000s, these individuals could be looking into the real estate market with renewed vigor.
Real estate figures have improved across the nation, especially in Californian metros, some of which were labeled as the hardest hit by the recession. However, homes for sale in San Jose are currently featuring strong values, low foreclosure rates and other positive attributes.
According to custom real estate researcher DataQuick, the Bay Area featured 7,296 home sales in November 2012 - up 15.5 percent from 6,317 in November 2011. The median price for a home in November 2012 was $438,000 - a 20.5 percent increase in a year-over-year comparison.
While the overall region posted improved real estate numbers, some areas did better than others. According to ALTOS Research, the median price for a single-family home in San Jose was $503,013 as of December 21, 2012 - an increase from its total at the beginning of November.
Broken down by square foot, the median price was about $329 during that time period.
In addition to featuring increasing home values, San Jose properties also rarely remain on the market for long. The source claims that the average property in San Jose spent only 91 days on the market before a homebuyer completed the closing process.
These positive figures are reminiscent of trends occurring across the nation. Business Insider reports that pending home sales in the U.S. increased by 1.7 percent from October 2012 to November 2012 - greater than the 1 percent economists were predicting.
"Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions," said real estate economist Lawrence Yun, according to the news source.
According to research, pending home sales reached record levels in November 2012 that haven't been seen since April 2010.
Potential homebuyers considering the plunge into the real estate market can find the right homes in San Jose - properties that feature plenty of positive attributes.