Housing market remains resilient.

It may not be the sticker shock of last year’s tariff-palooza, but war with Iran is causing economic volatility and uncertainty to surge higher every day. However, the housing market has not seen significant impacts — at least not yet. That could change in a hurry.

As of April 13, the average daily 30-year mortgage rate had risen to 6.41% after briefly dipping below 6% prior to the war. And as anyone with a gas-powered car has experienced, oil prices have soared, causing inflation to jump from 2.4% in February to 3.3% in March.

Prior to the ceasefire, consumer confidence fell to its lowest reading ever going back to 1978. Following the announcement, stock markets have dramatically rebounded.

Will there be a Spring rebound?

Spurred by an AI boom and relatively robust economy, median home prices in Santa Clara County have skyrocketed year over year, at rates vastly outpacing any other Bay Area county. Meanwhile, inventory looks to be on the rise, so we should start to see some movement in the market over the months ahead.

As usual, stay tuned to this space for updates!

We’re not out of the woods yet.

Driven by a local boom in the AI field, Santa Clara County median house and townhouse sales prices spiked 9% over 2023, topping $1.8 million and setting all-time highs. And while the median condo price was basically unchanged, the numbers of new listings and sales rose substantially. Still, sales volume remained well below what we’ve come to expect, and time on the market did not substantially drop.

If you’d like a full report, send us an email and we’ll send one your way!

Market Update: August 2024

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.

Send in the drones!

In the heart of Silicon Valley, one sheriff is embracing new technology like drones to help with de-escalating volatile situations and providing an “eye in the sky” for assessing threats to public safety. The Town Crier has more about the first deployment.