Market is on upward pace

Home sales outgrow previous month

Existing-home sales soared 24.7 percent in July throughout the nation, outpacing their growth of 20.7 percent in June, when the nation’s economic reopening ignited homebuying activity, the National Association of Realtors reported Aug. 21.

In Santa Clara County, home sales are continuing their upward trend. According to the Santa Clara County Association of Realtors, 1,004 single-family residences sold in July, representing a 17.2 percent increase over June and nearly 12 percent more compared to July 2019.

Gilroy saw a slight drop, with 62 sales of single-family residences in July compared to 69 in June. Morgan Hill had a bump in sales, with 58 in July, compared to 50 in June. After only two sales in June, nine homes sold in July in San Martin, according to SCCAOR data.

San Benito County’s real estate market is also experiencing a sharp rise in growth, even when comparing it to last year.

According to data by MLS Listings, 78 units sold in July, compared to 53 in June and 57 in July 2019. Hollister had 60 units sell in July, 15 more than the previous month. San Juan Bautista, meanwhile, saw 15 sales in July, tripling last month’s number.

According to online real estate database Zillow, low mortgage rates have continued to draw buyers throughout the pandemic. However, this means buyers are competing over a dwindling amount of new listings.

“The flow of new listings has recovered somewhat, but not fast enough to replace all the recent sales, so inventory continues to plumb new record lows,” an August market snapshot by Zillow reported.