Sue McAllister, who covers the real estate market for the San Jose Mercury News, has a front page article today, and even though the headline reads " Home Sales Rebound in the Valley," the news is mixed. Yes, we are seeing more buyers, especially in the lower priced homes that had been ignored for most of the past year, but the statistics say it all. April sales are up dramatically from last month...a whopping 33%...but they are still down 28% from April, 2007. The median price of single family homes sold, $699,500 last month, was up only 2.2% from March, and down 12.9% from a year ago. Condo sales in the county are down 33.2% from April, 2007, and the present median of $467,000 is 13.5% less than last year at this time.
Many of these sales are properties now owned by financial institutions who want to unload their inventory, creating a great buyers' market in the lower priced areas.
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