Home prices in Marin are showing signs of life. Last month, home sales jumped – median price up 6.5% from the previous.
The median price of a single-family home in Marin was $825,000, down (only) 5% from $870,000 last year, and 166 homes were sold – up from the 160 homes in August 2008. In July, the median price fell 7% to $771,500 and 165 homes were sold.
While prices were still down 5% from a year earlier, that was a big improvement compared with July’s 23% decline from 2008. This encouraging data is evidence that prices may be stabilizing and hints of an upward turn from a bottom – hopefully, not short-lived.