A market correction? Record home price escalation hits pause — at least for the month of June
The median price in Santa Cruz County for single-family homes dropped to $1,175 million in June, down from $1.3 million in May — nearly a 10% drop month over month. Was it just a blip or a sign of things to come?
Housing prices in Santa Cruz paused their historic upward surge in June, with the median sale price of single-family homes across the county dropping 9.6 percent from unprecedented highs reached in May, according to real estate data analyst Aculist.
The median price countywide for single-family homes dropped to $1,175 million in June, down from $1.3 million in May.
The price swings were unevenly distributed across the county, with single-family home prices in Boulder Creek rising 16 percent over May, those in the city of Santa Cruz dropping 2 percent, and Watsonville sinking 11 percent over the same period.
Boulder Creek’s median single-family sale price came in at $819,000; Santa Cruz at $1.477 million; and Watsonville at $756,000 for the month of June.
Scotts Valley median prices rose 15 percent in June, reaching an all-time high of $1.45 million, according to the report.
Aculist noted that a recent expansion of the data pool it uses to calculate its monthly real estate report may have had a small downward effect on the median numbers, but not enough to account for the nearly 10-point drop countywide.
The slackening of prices is rare good news for beleaguered local home shoppers, possibly indicating that the price run-up may have peaked. However new listings in Santa Cruz County remain low and properties are still selling at an average of 108 percent of the listing price.
The pause in Santa Cruz County was not reflected in neighboring Santa Clara County, where prices continued to soar in June. The median sale price of single-family homes in Santa Clara County rose to an all-time high $1.74 million from May’s $1.65 million, according to Aculist.