Santa Clara County (SCC): Home Prices Down, Sales Up in March
The median sales price for single-family, re-sale homes was flat compared to last year.
The average sales price for single-family, re-sale homes was down 2.7% year-over-year. The average sales price was $2,536,210.
Sales of single-family, re-sale homes were up 9.8%, year-over-year. There were 659 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio rose from 105.7% to 106.8%.
Pending sales were down 0.6% year-over-year. There are 643 homes in escrow.
Inventory of single-family, re-sale homes was up 10.7% compared to last year. As of April 5th, there were 862 homes for sale in Santa Clara County. The average since January 2000 is 2,703.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 40 days to 39 days. The average since 2003 is 89.
It took eighteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.
The median sales price for condos was down 10.2% compared to last year. The median sales price was $987,500. The average sales price fell 3.4% year-over-year. The average sales price was $1,093,330.
Condo sales were down 3%. There were 291 condos sold in March.
The sales price to list price ratio fell from 102.8% to 102.5%.
Pending sales were down 3.4% year-over-year. There are 285 condos in escrow.
Condo inventory was up 17.2% compared to last year.
As of April 5th, there were 681 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from sixty-six to seventy.
It took an average of twenty-seven days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
March 2026 Sales Statistics (SCC)
* Total inventory is active listings plus pending listings. Active listings do not include 
pending.
More information is available in our on-line report at http://avi.rereport.com/market_reports
Damped Enthusiasm (SCC & SMC)
March 27, 2026 —Just a few short weeks ago, an improved spring housing season seemed to be coming into focus. Mortgage rates had just touched multi-year lows, inventories of homes available for purchase were in perhaps their best state in some time, moderating home price increases and gradually rising incomes were more routinely helping to narrow the affordability gap. Now, perhaps the most important component of that group is no longer lending support to the housing equation, and the prospects for the spring market have been dimmed.
While the increase in mortgage rates hasn’t been huge by any standard, what seems likely to ultimately be at least a half-point rise at a minimum certainly isn’t welcome. Sales of existing homes were slogging along just above the 4 million annualized mark through last summer, when mortgage rates were a bit higher than present, but accelerated as rates took a step downward and held there through the end of 2025. Holidays and wicked winter weather prevented any kind of “preseason” follow-through in January and February, but conditions were in place for a reasonable pickup in sales for March and beyond. Unfortunately, higher mortgage rates at exactly the wrong time are imperiling the chances of this happening.
It’s not only concerns about inflation that have fostered the rise, but also a unwinding of expectations of the path of monetary policy this year. Just over a week ago, Fed members collectively forecast that they still expected to be trimming rates at least 25 basis points by the end of the year; however, investors don’t seem to believe them. The expected path for the federal funds rate as foreseen by futures markets not only doesn’t expect rate cuts to come this year but now also features a small but meaningful chance that a hike by the end of the year will come. Along with the effects of already-stubborn inflation, this change in investor sentiment has helped long-term rates to firm up, and this before the oil-fueled effects on prices has yet to be seen.
In considering the spring housing market, at least one helpful factor is likely to remain in place, and that’s the mellowing of home price increases over
time. Costs for newly constructed homes peaked a few years ago amid significant supply shortages but have generally retreated since then. Coupled with builder financing supports and other concessions, affordability conditions for new homes has actually improved a fair bit (at least in a relative sense) when compared against conditions in the existing housing market.
Existing home prices have seen their typical seasonal wax and wane over the last few years, but have managed to set new record highs in June each year since the pandemic. That said, increases in median selling prices have turned much more meager of late, with year-ago comparisons showing only modest rises in each of the last three months. While there is likely to be some acceleration in prices this spring as is typical, there is a chance that a new record for median selling prices for existing homes won’t be set this year, given what is likely to be somewhat less momentum in them as the spring progresses.
Financial markets continue to be buffeted and battered by adverse conditions, perhaps more so outside the U.S. but certainly reflected here. The yields which most affect long-term mortgage rates continued on their upward path this week, resulting in a greater-than-expected increase in mortgage rates. Unfortunately, that upward pressure didn’t abate as markets closed the week, and that sets the stage for somewhat higher mortgage rates again next week. We’ve been consistently undershooting the magnitude of increase in rates each week since the conflict in Iran began, and continue to hope that won’t be the case for long. Perhaps optimistically, we think that the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac will see an 8 to 11 basis point increase next week. We hope this expectation is on the high side for a change. time. Costs for newly constructed homes peaked a few years ago amid significant supply shortages but have generally retreated since then. Coupled with builder financing supports and other concessions, affordability conditions for new homes has actually improved a fair bit (at least in a relative sense) when compared against conditions in the existing housing market.
Existing home prices have seen their typical seasonal wax and wane over the last few years, but have managed to set new record highs in June each year since the pandemic. That said, increases in median selling prices have turned much more meager of late, with year-ago comparisons showing only modest rises in each of the last three months. While there is likely to be some acceleration in prices this spring as is typical, there is a chance that a new record for median selling prices for existing homes won’t be set this year, given what is likely to be somewhat less momentum in them as the spring progresses.
Financial markets continue to be buffeted and battered by adverse conditions, perhaps more so outside the U.S. but certainly reflected here. The yields which most affect long-term mortgage rates continued on their upward path this week, resulting in a greater-than-expected increase in mortgage rates. Unfortunately, that upward pressure didn’t abate as markets closed the week, and that sets the stage for somewhat higher mortgage rates again next week. We’ve been consistently undershooting the magnitude of increase in rates each week since the conflict in Iran began, and continue to hope that won’t be the case for long. Perhaps optimistically, we think that the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac will see an 8 to 11 basis point increase next week. We hope this expectation is on the high side for a change.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
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California homeowners interested in building accessory dwelling units on their property just caught a break, potentially shaving off thousands of dollars in fees and permits.
In a move proponents say will help ease the Bay Area’s housing crisis, Gov. Jerry Brown on Tuesday signed Senate Bill 1069, making the so-called “granny units” easier and less expensive to build throughout the state.
For more read California eases restrictions on ‘granny units’ and http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtml
Helpful resource for home owners
Many new home owners or owners who consider remodeling or rebuilding their homes should take advantage of their county Tax Assessor web site. These web site and their respective city building departments web site typically have vest information regarding the process for applying for permits, the impact on their taxes and many other resources that home owners should be aware are available for them.
For the San Mateo County Tax Assessor office visit http://www.smcare.org/default.asp
For Santa Clara County Tax Assessor visit https://www.sccassessor.org/index.php
The Silicon Valley 150 Index Corner
The Silicon Valley’s Real estate market is a derivative of the local economy–it prospers and withers depending on how well the local innovation-based sector performs. The San Jose Mercury News tracks the performances of the largest 150 publicly traded companies headquartered in Silicon Valley through an index called the SV150, which may be found at www.mercurynews.com. Stocks are valued based on several criteria, but one of the more important criteria is a company’s future earnings. Therefore, I see the SV150 as a leading indicator for Silicon Valley’s real estate market.
Investors Corner
S&P CoreLogic Case-Shiller Index Records Annua Gain in September 2025
- The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.3% annual gain for September, down from a 1.4% rise in the previous month.
- Inflation outpaced home prices for a fourth straight month, with September’s CPI running 1.7 percentage points above housing appreciation—the widest gap … For mor info CLICK HERE
U.S. Housing Markets Moving Into Rent Territory for First Time in Over 8 Years: Report
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San Mateo County (SMC): Home Prices & Sales Up in March
Sales of single-family, re-sale homes in San Mateo County rose 22.5% in March, year-over-year. There were 267 homes sold in San Mateo County last month. The average since 2000 is 398.
The median sales price for single-family, re-sale homes was $2,222,000. It was up 0.3% compared to last year.
The average sales price rose 7.6% year-over-year.
The sales price to list price ratio rose from 106.8% to 108.8%.
Inventory of single-family, re-sale homes was up 0.3% compared to last year. As of April 5th, there were 344 homes for sale in San Mateo County. The average since January 2000 is 1,287.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, fell six days to thirty-nine days.
It took seventeen days, on average, to sell a home last month. That is the time from when a home is listed to when it goes into contract.
The median sales price for re-sale condos was down 3% year-over-year.
Year-over-year, the average sales was up 4.2%.
Condo sales were down 14.3% year-over-year. There were 78 condos sold last month. The average since January 2003 is 122.
Inventory was down 13.6% year-over-year.
As of April 5th, there were 190 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from eighty-six to seventy-three.
It took an average of twenty days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
Also, if you would like to know what’s going on in your neighborhood, go to my on-line report and create a Recent Sales & Listings report.
March 2026 Sales Statistics (SMC)
* Total inventory is active listings plus pending listings. Active listings do not include pending.
You can get more information at: http://avi.rereport.com/market_reports
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.