If you disable this cookie, we will not be able to save your preferences. In fact, cooling trends are being reported for some of the nation’s hottest housing markets, like Denver, San Jose and Seattle. Trends tracked in the report include median sale prices of homes, average rental rates, interest rates, and foreclosures. Hi, I’m Mary Pope-Handy, the author of this blog and a Silicon Valley Realtor with Sereno in the Los Gatos office. San Jose is part of Silicon Valley, a place where $100,000 a year or higher salaries from competing for tech firms has driven up the cost of real estate. The California housing market kicked off 2019 with a weak start, but it’s been improving throughout the year according to the California Association of Realtors (C.A.R).And with mortgage interest rates trending downward, the California housing market predictions for the rest of 2019 are brighter than what most had initially anticipated. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. When this happens, prices tend to soften. But the San Francisco area remains super competitive. Meeting Agendas City Calendar Accessibility E-Government Policy Sitemap. But they are still out there. by Mary Pope-Handy | Sep 5, 2010 | Almaden Valley (SJ), Cambrian Park (SJ), Los Gatos, Market Reports, San Jose (all areas), Willow Glen (SJ). Post was not sent - check your email addresses! An area with both entry level and expensive homes, Willow Glen saw a dramatic drop in the market with sales falling 37.3% from the month before, and total numbers of sales down 31.5% year-over-year. Prices improved in Aug 2010 with the median price climbing 5.3% from the previous month, up 22.9% compared to last year. Does this mean home values are rising? Despite some recent cooling in the Bay Area market overall, San Jose experienced the nation's highest year-over-year appreciation in home values and … Sales of existing Bay Area homes already have swooned. ... San Jose, Ca 95113 408 535-3500 - Main 800 735-2922 - … According to a recent report published by Redfin, a nationwide real estate brokerage, the markets with the fastest home sales during the spring of 2018 are now experiencing a significant slowdown. Almaden is bucking the tide of most of the rest of San Jose – the market is fairly strong there, while it’s weakening in many other parts of town. Home prices are now rising more slowly in all ten of the housing markets listed above. In May 2019, Zillow shared the following forecast for that housing market: “San Jose home values have declined -1.1% over the past year and Zillow predicts they will fall -5.1% within the next year.” Inventory growth has played key a role in that reversal. in Los Gatos, by the way, Sales fell 21.2% from the month before, and were up 4.0% year-over-year. *Graph taken from Zillow as of 06/2020 That was the steepest decline in the country. This spring it experienced mild unseasonable cooling, a likely result of the pandemic, though it’s been in recovery since with increasingly hot markets through summer and into autumn. “San Francisco has such a strong tech base, the Uber and Lyft and other IPOs continue to make the city a hot market.”. In the past year, the San Jose median home price went up 2.6%. 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