A building with multiple units in downtown Santa Cruz
(Kevin Painchaud / Lookout Santa Cruz)
Housing

Santa Cruz home prices rebound in July, still below record-breaking May

The median price of 188 single-family homes sold countywide in July climbed to $1,192,000 — 5% higher than in June but still below the all-time high of $1.3 million recorded in May. Overall, median single-family home prices in the county have increased approximately 18% year over year.

The median price for a single-family home in Santa Cruz County bounced a bit more than 5% between June and July but remained shy of the record-breaking price peak of just two months ago.

The median price of 188 single-family homes sold countywide in July climbed to $1,192,000, according to real-estate data analyst Aculist. The price bested June’s median of $1,175,000, but was less than the $1.3 million median recorded in May — an all-time-high for Santa Cruz County.

Overall, median single-family home prices in the county have increased approximately 18% year over year.

The city of Santa Cruz recorded 46 sales in July, with a median price of $1.425 million. (The median is the midpoint, where half of homes sold for more and half for less than the median price.) Scotts Valley’s 14 sales had a median price of $1.265 million; Boulder Creek had 27 sales and an $869,000 median; and Aptos had 29 sales and a $1.3 million median.

Countywide, the average sale price was 105% of the property’s listed price.

The rebound in prices dampened local home shoppers’ hopes for a decisive market correction, but at least indicated that surging prices have moderated a bit, even regionally.

July’s prices for single-family homes in neighboring Santa Clara County dropped by 4% from a June peak, though the median was still a formidable $1.655 million. San Mateo County median prices eased from $2.05 million in June to $2.01 million in July, and Monterey County prices tapered from $850,000 to $827,000 in the same period.

The number of July home sales in Santa Clara, San Mateo and Monterey counties was, respectively, 1,227, 510, and 243, according to Aculist data.

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