The median price for single-family, re-sale homes went back over $1,000,000 in February, after being below for the previous two months.

The rise saw the first double-digit, year-over-year price gain since last May. The median price was up 16.9%.

The average price, which has been over $1,000,000 every month since February 2014, gained 9.6% compared to last February.

Home sales were up 7.6%, but, at 493 sales that is less than half the average monthly sales for the past seventeen years.

The inventory of actively listed single-family, re-sales homes in Santa Clara County continues to define the market. There were 700 homes for sale as of March 5th. The average number of homes for sale each month since January 2000 is 3,000.

Days of Inventory, or how long it would take to sell all the homes on the market at the current rate of sales is thirty-eight days. The average in Santa Clara County since 2000 is ninety-five.

The sales price to list price ratio jumped to its highest level since last May: 103.7%.

As we wrote about several months ago, the inability of people who serve the community to afford to live here has a deleterious effect on the community.

Last fall, Governor Brown signed the “Teacher Housing Act of 2016” to make it easier for school districts to provide affordable housing for their employees.

Authored by Mark Leno, the former Democratic state senator from San Francisco, the law gives districts explicit permission to set aside housing exclusively for its employees and, crucially, to take advantage of state and federal low-income housing tax credits to develop these projects.

Under prior law, projects that make use of these low-income housing subsidies had to be open to all tenants who met the income guidelines, to prevent public funds from subsidizing housing discrimination. The new law makes an exception for teachers and district employees.

Kudos to the Governor and state legislature. Now, we need to consider how to provide a similar service for our police officers, firefighters, nurses, etc..

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