The median home price in Santa Cruz county has begun to dip, after rising steadily since February.
The median home price in Santa Cruz county has begun to dip, after rising steadily since February. It is now at $500,000, attributed to the departure of seasonal buyers from the market. In the five months leading to August, the median home price rose by $100,000. Yet while it has dropped, the price is considerably higher than the low of just $380,000 that it reached in February. That was less than half the median price of $770,000 in 2007.
Mark Hanson, a Bay Area financial expert who has assessed home values, says that prices are being dictated by “the massive pool of properties in the foreclosure process.” These make up almost 60 percent of all home sales in California. Statewide, home sales dropped by 12 percent in the month of August. Read more at the Santa Cruz Sentinel and Fox 35.
