Santa Clara Market Snapshot
The number of homes that have sold in the San Jose metro area during 2018 is 5% below a year earlier as of October. This translates to 800 fewer homes that have sold across the region this year.
As sales volume has slowed, the inventory of homes available for sale has grown. As of October 2018, 3,400 homes were for sale across San Jose, up significantly from 1,800 a year earlier, when inventory was near an historic low. While higher than 2017, today’s inventory is still low in comparison with historic standards.
The average price-to-list ratio is currently 100% in San Jose, just below a year earlier when homes were selling on average 1% over asking.

Interest rates also continue to rise, currently averaging 4.5% for a 30-year fixed rate mortgage (FRM). This average rate is up from 3.8% this time last year. As a result, today’s homebuyer is qualifying for smaller mortgage amounts with the same income and down payment.

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

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