Santa Clara Market Snapshot

The number of homes that sold in the San Jose metro area during Q2 2019 was 15% below a year earlier. This downward trend continues 2018’s 7% year-end decrease.

As sales volume has slowed, the inventory of homes available for sale has grown. At the end of Q2 2019, 3,300 homes were for sale across San Jose, up a significant 31% from the 2,500 homes for sale a year earlier, when inventory was near an historic low. While higher than 2018, today’s inventory is still low in comparison with historic standards.

The average share of listings receiving a price cut in Santa Clara was 19% at the end of Q2 2019, well above 11% a year earlier

Interest rates have decreased in recent months, averaging 3.9% for a 30-year fixed rate mortgage (FRM) at the end of Q2 2019. This average rate is below this time last year, a positive change for homebuyers, as FRM rates peaked in late-2018 and have since fallen back.

Thinking about buying or selling? Contact me for more specifics on buying or selling in your neighborhood!

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