Santa Clara County (SCC): Home Prices Mixed, Sales Down in July
The median sales price for single-family, re-sale homes was up 1.2% compared to last year.
The average sales price for single-family, re-sale homes, on the other hand, was down 0.7% year-over-year. The average sales price was $2,278,610.
Sales of single-family, re-sale homes were down 9.5%, year-over-year. There were 661 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 103.9% to 103%.
Pending sales were down 4.2% year-over-year. There are 571 homes in escrow.
Inventory of single-family, re-sale homes was up 31% compared to last year. As of August 5th, there were 905 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, rose from 39 days to 41 days. The average since 2003 is 89.
It took twenty-three 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 up 6.1% compared to last July. The median sales price was $1,008,000. The average sales price rose 0.8% year-over-year. The average sales price was $1,065,240.
Condo sales were down 10%. There were 251 condos sold in July.
The sales price to list price ratio fell from 101.3% to 100.5%.
Pending sales were down 2.6% year-over-year. There are 264 condos in escrow.
Condo inventory was up 61.6% compared to last July.
As of August 5th, there were 643 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from seventy to seventy-seven.
It took an average of thirty-two days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis
July 2025 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
Coming Soon (SCC & SMC)
August 1, 2025 — The Fed made no change to monetary policy at its July meeting this week, holding pat despite two voting members preferring to make a quarter-point reduction in the federal funds rate. The Fed remains cautiously on hold, awaiting greater clarity on the effects of new and greatly expanded tariffs on the trend for inflation. Today was technically the deadline for getting new trade arrangements in place, but deals are still being hashed out and likely will be for some time yet, even with frameworks in place with some trading partners.
Overall personal incomes rose by 0.3% in June, rebounding after a May dip. Wages expanded by just 0.1% to close the first quarter, the smallest gain in a year. Other supports were mixed, as proprietor’s incomes rose by 0.2%, increasing again after a decline in May and government transfer payments rose by a full one percentage point. However, receipts on investment assets were flat for the month, and income derived from rental properties fell by 0.4%, a third consecutive fall. All of the overall increase in income was spent in June, as personal spending rose by 0.3%. Equal income and outgo left the nation’s rate of savings at a 4.5% rate, unchanged from May and an average pace for the year as a whole so far.
Those savings don’t appear as though they are going to be used for a down payment on a home anytime soon. An already sluggish pace of sales in the existing home market seems poised to slow a bit more when the summer buying period comes to a close, given that the National Association of Realtors Pending Home Sales Index fell by 0.8% in June, likely portending fewer closings in August. Given the typical two-month lag from contract to closing table, May’s 1.8% bump in the PHSI should translate into July sales (released in August) at perhaps a 4.01 million pace, and following this logic, June’s PHSI decline would put August sales (September release) back to perhaps a 3.97 million pace. Whatever the actual level, suffice it to say that existing home sales don’t seem poised for a breakout anytime very soon.
Outlays for new construction projects shrank in June by 0.4%, matching a like-sized decline in May and are now down by 2.9% over the last year. Residential project spending declined by 0.7%, a sixth consecutive reduction, and homebuilding continues to face headwinds. Non-residential projects aren’t faring much better, posting a 0.3% decline in the most recent month and this segment has been unchanged or down in each of the last five months. Public-works projects did manage a 0.1% increase for the month, as roads, bridges and utility upgrades continue along.
There were fewer requests for mortgage credit in the week ending July 25. The Mortgage Bankers Association reported a 3.8% decline in mortgage applications, with the overall figure pulled downward by a 5.8% drop in requests for purchase-money loans and a 1.1% decline in those to refinance existing mortgages. With mortgage rates mostly level of late but likely to decline somewhat after the July employment report, we’d expect to see a bounce in applications to start August. This would help continue a pattern of starting each month with an increase, as has been the case for some months now.
Coming very soon — next week, in fact — will be a decline in mortgage rates. A selloff in stocks, a rally in bonds and a light calendar of economic data over the coming days should allow them to retreat a bit. Based on the trend for the week and Friday’s market activity, we think that we’ll see a 5-7 basis point decline in the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac next Thursday.
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 2.3% Annua Gain in May 2025
NEW YORK, July 29, 2025: S&P Dow Jones Indices (S&P DJI) today released the May 2025 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 2.3% annual gain in May 2025, a slight decrease from the previous reading in April 2025. More than 27 years of history are available for the data series and can be accessed in full by going to 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 Mixed, Sales Up in July
Sales of single-family, re-sale homes in San Mateo County rose 15.3% in July, year-over-year. There were 302 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 $2,052,500. It was down 2% compared to last year.
The average sales price rose 0.8% year-over-year.
The sales price to list price ratio fell from 103.3% to 102.4%.
Inventory of single-family, re-sale homes was up 16.5% compared to last year. As of August 5th, there were 410 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 from forty-four days to forty-one days.
It took twenty-five 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 fell 13.4% year-over-year.
Year-over-year, the average sales price fell 3.7%.
Condo sales were down 2.6% year-over-year. There were 76 condos sold last month. The average since January 2003 is 122.
Inventory was up 14.5% year-over-year.
As of August 5th, there were 229 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from ninety-four to ninety.
It took an average of thirty-two 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.
If you are planning on selling your property, call me for a free comparative market analysis.
April 2025 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.