The recession continues to plague the housing market, with sales in Santa Clara County remaining flat through February, and the median price of a home just $495,000, fully 3 percent less than just a year ago.
Over half of the transactions in the region were foreclosure and short sales. Cash buyers accounted for just under 31 percent of purchases, the highest number since MDA DataQuick began tracking the market over two decades ago.
Despite the dismal numbers, DataQuick notes that the economy has been improving and that this could be reflected in an increase in sales over the spring and summer months. The Santa Clara County Association of Realtors confirms this, noting that condo sales have increased throughout the county, even if the median price has dropped almost 8 percent, to $290,500.