Home prices in Santa Clara County, Calif., experienced strong growth in the late summer and early fall, shooting up 15.9%, the Santa Clara County Association of Realtors reported.

Additionally, the September average sales price for single-family homes rose to $989,726, up from $831,993 a year earlier.

"People who sold their homes in September had more equity than if they had sold at the same time last year, since home prices have gone up," commented Carl San Miguel, president of the Santa Clara County Association of REALTORS. "Many of them put that equity toward the purchase of their next home."