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January 23, 2006
Bubbilicious Data? Silicon Valley Version
The median home price in Santa Clara County declined 2.1% in one month to $700,000 in December. Volume was down 6% for the month, and almost 17% on the year. Story here. Meanwhile, apartment rents were up an average of 3.5% on the year in 2005 and occupancy is now at 95%. Story here. That might not be a lot, but the market seems to be tightening compared to just the previous quarter, according to RealFacts.com: The third quarter [2005] survey of over 11,300 apartment communities in the RealFacts database revealed that…the annual rent increase for all communities in the database was 2.7% and occupancy increased a mere 1.5%. Over the past four years, rents have decreased 8.3% and occupancy has fallen 2.6%,…Full press release. More on this to come. Posted by Edward J. Lopez at 11:15 AM in Economics
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