What recession?

Remember when economic experts were predicting another recession? Yeah, we don’t either. Looking at the U.S. GDP over the past two years, it’s clear our national economy is trending up. In other words, don’t believe the hype!

Santa Clara County Market Update - December 2023

The numbers from December are in, and it’s a familiar story. But while sales of homes and condos are still below the same time last year, the gap is narrowing as inventory slowly returns. But buyers still need to act fast with homes spending an average of 23 days on the market. As far as the bottom line, median sales prices were up year-over-year, more so for homes (16%) than condos (5%).

Doing more by throwing out less.

Did you know? The United States is home to 4% of the world’s population, yet produces more than 12% of the trash — to the tune of 4.9 pounds per person per day – and over 28% of our garbage is packaging. That means we throw out 82 million tons of material every year.

Want a scarier number? Every 15.5 hours, we throw out enough plastic to fill the stadium where the Dallas Cowboys play, and 91% of it isn’t recycled. It’s enough to make you want to refill that olive oil bottle instead of buying a new one.

It’s no secret our groceries come with a lot more packaging every day, but we probably don’t think about it more than once a week when we take out the trash. The Almanac takes a look at two Peninsula “refilleries” trying to reduce our collective climate footprint.

The Long Haul

Like we said earlier, you have to think big when it comes to home investments, and this chart says it all. While median house prices in Santa Clara County may have dipped a bit in 2023, they’re still more than double the pre-Recession peak in 2007. Want to see a more detailed report for your neighborhood? Request one today, and we’ll deliver it to your home or email.

Mortgage rates on the decline.

According to the folks at Freddie Mac, average interest rates on a 30-year fixed-rate mortgage fell to 6.61% last week, the ninth consecutive week of decline, but still higher than one year ago (6.42%). Economic experts expect further declines heading into 2024, although the current dip has yet to spur an uptick in home sales due to a lack of inventory.

Here's a look at how key economic indicators fared in 2023: