The numbers are in from August, and sales of single family homes continue to be on the rise in both Santa Clara and San Mateo Counties, the heart of Silicon Valley. And from the Good News for Buyers department, prices have leveled off and even come down in some areas year over year. You can also expect to have a little more time to poke around as properties spend more days on the market.
According to a new report from Freddie Mac, 30-year mortgage rates are projected to gradually decline in coming quarters, which could trigger a surge in buyer demand, primarily from first timers. However, a tight inventory will lead to only moderate sales increases, with prices rising 2.1% in 2024.
Meanwhile, boosted by an “AI boom,” median sales prices in the San José metro area are the first to exceed $2 million, and Silicon Valley’s appreciation rate is among the highest in the nation. Overall, 89% of U.S. metro areas saw year-over-year price gains.
The Silicon Valley housing market continues its long rebound, with May seeing year-over-year increases in sales and median prices for both homes and condos in Santa Clara County. But you’ll need to act fast to have a chance at one of these properties because they’re spending less and less time on the block!
According to a recently released report by Henley & Partners on the world’s wealthiest cities, the Bay Area boasts more billionaires than any metropolitan area in the world. And we’re number two in millionaires. Check out the report to get all the numbers.
Did you know? The Department of Water Resources recently conducted their April snow survey using data from 130 stations placed throughout the state. The survey found statewide snowpack has a snow water equivalent of 28.6 inches, or 110% of average for this time of year — up from just 28% of average on January 1st. Get more numbers from DWR.
