Santa Clara County (SCC): Home Prices & Sales Up in June
The median sales price for single-family, re-sale homes was up 9.2% compared to last year.
The average sales price for single-family, re-sale homes was up 6.3% year-over-year. The average sales price was $2,544,180.
Sales of single-family, re-sale homes were up 2.8%, year-over-year. There were 747 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 104.5% to 103.9%.
Pending sales were down 9% year-over-year. There are 604 homes in escrow.
Inventory of single-family, re-sale homes was up 29.9% compared to last year. As of July 5th, there were 1,011 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 44 days to 39 days. The average since 2003 is 89.
It took nineteen 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 11.1% compared to last June. The median sales price was $945,000. The average sales price fell 3.8% year-over-year. The average sales price was $1,080,560.
Condo sales were down 8.4%. There were 283 condos sold in June.
The sales price to list price ratio fell from 101.7% to 101.3%.
Pending sales were down 12.8% year-over-year. There are 246 condos in escrow.
Condo inventory was up 62.6% compared to last June.
As of July 5th, there were 686 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell from seventy-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.
June 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
It’s All About Patience (SCC & SMC)
June 27, 2025 — Is May’s mild uptick in inflation the beginning of things to come, bearing out the Fed’s stance of holding short-term rates steady for a while longer yet? There’s no simple way to know, and little to do but watch and wait to see the outcome of the changes to trade and tariff policy. In his prepared remarks at the semiannual monetary report to the Congress, Fed Chair Powell reiterated: “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”
In his testimony, he suggested that if not for the injection of tariff and trade uncertainty that Fed might have already been in a place where rate cuts were possible. The Fed expects to see price pressures increasing as the summer moves along, but “If it turns out that inflation pressures do remain contained, we will get to a place where we cut rates sooner rather than later.” Odds still strongly favor a quarter-point cut in rates come September.
Nearly regardless of whatever the Fed may or may not do anytime soon, mortgage rates remain at an elevated level, one they attained just a few weeks after the Fed first began cutting rates for this cycle, and high mortgage rates continue to stymie the housing market, keeping a lid on home sales.
Existing home sales did manage a slight increase in May, posting a 0.8% rise to a 4.03 million annualized rate of sale, although this is virtually unchanged from the last two months. A lack of affordability rather than a lack of inventory is throttling sales, as the number of homes for sale continues to rise. Currently, the 1.54 million units available — 4.6 months of supply at the present rate of sale — is the highest inventory-to-sales ratio since August 2016 (leaving out May 2020, the first full “closure” month of the pandemic). Despite more inventory, selling prices continue to press higher, with the median sales price of $422,800 just a stone’s throw from a record high. Given the trend, it’s a good possibility that we’ll see a new record high price next month, but increasing inventory and seasonal effects will likely see home price declines start to show shortly thereafter.
The souring homebuilder moods we saw in last week’s release of the NAHB’s Housing Market Index were given context this week. Sales of new homes slumped by 13.7% in May to a 623,000 annual pace, and that from a downwardly-revised 721K sales pace in April. It may be that the whipsawing in stock markets in April and continued uncertainty about the outlook into May kept folks from buying newly-built homes, as other factors such as mortgage rates or builder incentives really didn’t change much. The drop in sales saw the new home inventory-to-sales ratio balloon to 9.8 months of inventory available at the present rate of sale, with the 507,000 actual units coming on line the highest number since October 2007. Housing starts declined by about 10% in May and if new home sales don’t rebound over the coming months, construction might need to be curtailed further to allow some inventory drawdown. Median sales prices of new homes kicked higher last month, with the $426,600 sticker roughly keeping pace with increases in the existing home market.
The existing home market may yet see a little sales bump to start the summer, provided the 1.8% increase in the National Association of Realtors Pending Home Sales Index (PHSI) for May bears out. This measure of signed contracts typically leads the sales tally by a month or two, so June’s increase might be reflected in July or August’s sales figures. To the extent that this lag is two months, we might yet have to get past a decline in sales for June, given April’s considerable decline from a stronger March pace. We’ll just have to wait and see.
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.
Real estate related Articles
| US News 7-9-2025 | 2025-2030 Five-Year Housing Market Predictions |
| WOLF STREET 6-11-2025 | The 10 Big Cities with the Biggest Price Declines of Single-Family Homes (-8% to -22%) from Peak through May |
| MarketWatch 4-30-2025 | 10 housing markets in the U.S. with the most price cuts right now |
| J.P. Morgan 2-10-2025 | The outlook for the US housing market in 2025 |
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 2.7% Annua Gain in April 2025
JUNE 24, 2025: S&P Dow Jones Indices (S&P DJI) today released the April 2025 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 2.7% annual gain in April 2025, a slight decrease from the previous reading in March 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 & Sales Up in June
Sales of single-family, re-sale homes in San Mateo County rose 5.4% in April, year-over-year. There were 291 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 $2,226315,000. It was up 7.8% compared to last year.
The average sales price rose 7.5% year-over-year.
The sales price to list price ratio fell from 108.1% to 106.8%.
Inventory of single-family, re-sale homes was up 25.4% compared to last year. As of May 5th, there were 429 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-seven days to forty-three days.
It took nineteen 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 4.5% year-over-year.
Year-over-year, the average sales price fell 0.2%.
Condo sales were up 39% year-over-year. There were 107 condos sold last month. The average since January 2003 is 122.
Inventory was up 58.6% year-over-year.
As of May 5th, there were 241 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from seventy-three to sixty-five.
It took an average of twenty-one days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
June 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.