Santa Clara County (SCC): Home Prices Mixed, Sales Down in December
The median sales price for single-family, re-sale homes was down 1.1% compared to last year.
The average sales price for single-family, re-sale homes was up 1.4% year-over-year. The average sales price was $2,342,860.
Sales of single-family, re-sale homes were down 7.4%, year-over-year. There were 437 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 103.4% to 103.1%.
Pending sales were down 11.3% year-over-year. There are 268 homes in escrow.
Inventory of single-family, re-sale homes was up 15.2% compared to last year. As of January 5th, there were 304 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 26 days to 21 days. The average since 2003 is 89.
It took twenty-eight 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 4.1% compared to last year. The median sales price was $922,500. The average sales price fell 1.5% year-over-year. The average sales price was $1,029,890.
Condo sales were down 5.5%. There were 208 condos sold in December.
The sales price to list price ratio fell from 100.6% to 100.3%.
Pending sales were down 19.5% year-over-year. There are 136 condos in escrow.
Condo inventory was up 44.1% compared to last year.
As of January 5th, there were 307 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory dropped from sixty-four to forty-four.
It took an average of thirty-six days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
December 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
After Quiet, Data Deluge (SCC & SMC)
January 2, 2026 —The hustle and bustle of the holiday season is coming to a close, and the quiet which pervades financial markets over this time each year is also complete. The streams of data which track various components of the economy aren’t fully back to normal as yet, and the coming month will reveal a lot about how things ended the year. As the government remained partially shuttered through nearly mid-November, data from December will be the first that has no direct shutdown distortion since back in September.
The first full week of January seems to be a time when changes in trends for interest rates often begin. Not only does the quiet holiday trading in financial markets return to normal, it’s also the start of both a new quarter and new calendar year, and so there’s usually also some re-setting of investment positions and strategies. As well, to start the month and year, there’s a fresh slug of new economic data to help investors monitor any changes in momentum or existing trends.
We expect to see some pickup in home sales this year (see HSH’s Annual Outlook for 2026 for a discussion) and it would appear that the recent trend is supportive of that. In the last few months, the Pending Home Sales Index from the National Association of Realtors has trended upward, and November’s measure of signed contracts to buy existing homes rose by another 3.3%. The current value of this index is the highest it has been dating back to February 2023, and there have been gains in each of the last four months. While lower mortgage rates have helped lift sales, it’s not solely about rates, since there was a 4.2% increase in this index way back in August, when 30-year FRMs still averaged better than 6.5%. Lower rates have helped improve sales, but so has more homes available to buy, rising incomes and flattening home price increases.
Mortgage rates start 2026 as low as they have been since October 3, 2024. If they should hang around such levels for a while after the holiday fog clears, some additional potential homebuyers are likely to take notice. More attractive noise would be made if rates could manage to decline about eight more basis points from this week’s level, as this would put them at more than a three-year low (September 15, 2022). After that, headline-worthy “lowest since” comparisons will become hard to come by, as even a decline that cracks the 6% mark at some point will still only improve the historical reference by a single week.
It’s worth noting that much of the decline in mortgage rates has come from the narrowing in spreads, which have currently reached their smallest gap since March 2022 at just 202 basis points last week. Looking over time, on an annual basis, the average yield on the 10-year Treasury for 2023 was 3.96% and the average spread to conforming 30-year FRMs was 285 basis points. For 2024, it was 4.21% and 251 basis points, and for 2025, 4.29% and 230. On average, and for a variety of reasons, the influential yield on the 10-year Treasury actually has been rising in the aggregate but the spread to mortgage rates shrinking, with the 55 basis point decline in spreads in the last few years overcoming the 33-point rise in yield over this stretch of time. Of course, such broad comparisons don’t tell us all that much, but if nothing else it is a clear reminder that there are other forces at work in setting mortgage rates beyond Treasury yields and Fed policy moves.
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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| WOLF STREET 11-23-2025 | By Wolf Richter |
| U.S.NEWS 11-21-2025 | Mortgages for Seniors: Everything You Need to Knowr By Bob Musinski |
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 December
Sales of single-family, re-sale homes in San Mateo County rose 28% in December, year-over-year. There were 233 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 $2,000,000. It was up 8.4% compared to last year.
The average sales price rose 15.3% year-over-year.
The sales price to list price ratio fell from 104.9% to 103%.
Inventory of single-family, re-sale homes was up 3.7% compared to last year. As of January 5th, there were 139 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 twenty-nine days to eighteen days.
It took thirty-three 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 3.4% year-over-year.
Year-over-year, the average sales price rose 1.7%.
Condo sales were down 11% year-over-year. There were 73 condos sold last month. The average since January 2003 is 122.
Inventory was up 15.2% year-over-year.
As of January 5th, there were 106 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from fifty-six to forty-four.
It took an average of fity-eight 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.
December 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.