Santa Clara County (SCC): Home Prices Up, Sales Down in November
The median sales price for single-family, re-sale homes was up 0.5% compared to last year.
The average sales price for single-family, re-sale homes was up 0.1% year-over-year. The average sales price was $2,344,670.
Sales of single-family, re-sale homes were down 15%, year-over-year. There were 538 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 103.8% to 103.4%.
Pending sales were down 11.5% year-over-year. There are 469 homes in escrow.
Inventory of single-family, re-sale homes was up 20.9% compared to last year. As of December 5th, there were 485 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 31 days to 26 days. The average since 2003 is 89.
It took twenty-five 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 7.7% compared to last year. The median sales price was $960,500. The average sales price fell 0.5% year-over-year. The average sales price was $1,067,430.
Condo sales were down 18.8%. There were 207 condos sold in November.
The sales price to list price ratio rose from 100.3% to 100.6%.
Pending sales were down 17.4% year-over-year. There are 219 condos in escrow.
Condo inventory was up 37.2% compared to last year.
As of December 5th, there were 454 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory dropped from sixty-eight to sixty-four.
It took an average of thirty-seven days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
October 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
Tempering Expectations (SCC & SMC)
October 31, 2025 — The Fed trimmed short-term rates again this week, but “Let’s not get ahead of ourselves, shall we?” seemed to be the takeaway statement from Federal Reserve Chair Powell’s post-FOMC press conference. Of course, Mr. Powell wasn’t quite that direct, but the message to financial markets was certainly clear enough. “A further reduction in the policy rate at the December meeting is not a foregone conclusion,” said the Fed leader, “in fact, far from it.”
Back in September, the vote to cut the federal funds rate wasn’t unanimous, as newly-appointed member Stephen Miran wanted to see a half-point reduction. The latest vote to change policy was also not unanimous, but this time, Mr. Miran’s preference for a half-point cut was opposed by Jeffrey Schmidt, who preferred to hold rates unchanged. This wasn’t totally unexpected, given the divide in member stances that was revealed in the last Summary of Economic Projections. Even with the rift, the vote was still strongly in favor to reduce the Fed’s key policy rate.
Lower mortgage rates of late have yet to spur much by way of an increase in home sales, but the prospects for a lift in activity remain pretty good. This week, the National Association of Realtors reported their Pending Home Sales Index for September, and this measure of contracts signed came in unchanged from August. Normally, such a flat reference would suggest a touch of weakness, but in this case it’s actually a bit more optimistic than that, as the unchanged gauge remained at its second highest level of 2025. Maintaining this level for a second consecutive month should translate into at least a modest increase in sales when fall sales are tallied.
Mortgage rates are roughly at levels seen a year ago, and have been wandering in roughly the same range during the same time period as a year ago, too. Last year, mortgage rates unfortunately began to stride higher after the Fed began cutting rates in September, and the increase curtailed home sales heading into the typically-slower end of year period. Unlike last year, it doesn’t seem likely that this portion of the pattern will repeat again; if anything, rates seem more likely to be flat to perhaps somewhat lower and home sales better supported.
While the existing home sales trend in place toward the end of last year could hardly be considered to be robust, sales were improved compared to the very sluggish summer/early fall months. Over the closing months of the year, existing home sales ran at a 4.17 million annualized pace in November and 4.27 million in December, reflective of the beneficial effect of lower mortgage rates in the months just prior to those closings. This year, there’s already been a modest uptick in existing home sales through September; although hardly great, the 4.06 million annualized pace was the third best reading this year. With the decline and stabilization of rates at current levels, we’d expect to see at least a little improvement on that pace for October and perhaps beyond.
With mortgage rates gently trending lower of late, there was a pick up in requests for mortgage credit. The Mortgage Bankers Association reported a 7.1% increase in mortgage applications in the week ending October 24, lifted by both a 4.5% increase in those for loans to purchase homes and a 9.3% lift in requests for loans to replace existing mortgages. It was the first increase for purchase-money requests in four weeks, while refinancing apps rose for a second consecutive week.
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
| WOLF STREET 11-11-2025 | A 50-Year Mortgage Does Nothing for “Affordability,” Is a Terrible Deal for Homeowners and a Superb Deal for Banks & Investors |
| WOLF STREET 10-29-2025 | Home Sales Have Not Improved at All Despite the Lowest Mortgage Rates in a Year |
| Silicon Valley Business Journal 10-27-2025 | Homebuyers are backing out of deals at record rates. Here’s why and what it means for the housing market. |
| The Business Journals 10-27-2025 | The 12 Bigger Cities with the Biggest Price Declines of Single-Family Homes (-10% to -23%) through Julys By Joanne Drilling |
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 August 2025
- The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.5% annual gain for August, down from a 1.6% rise in the previous month.
- Housing wealth eroded in real terms for the fourth consecutive month, with the 1.5% national gain falling well short of 3% inflation … For mor info CLICK HERE
U.S. Housing Markets Moving Into Rent Territory for First Time in Over 8 Years: Report
Is it time to seriously consider investing in real estate?
Signup for my Real Estate Investment Alerts and you’ll receive my real estate investment opportunities.
San Mateo County (SMC): Home Prices Mixed Sales Up in October
The median sales price for single-family, re-sale homes was down 2.4% compared to last year.
The average sales price for single-family, re-sale homes was up 1.8% year-over-year. The average sales price was $2,408,180.
Sales of single-family, re-sale homes were down 0.1%, year-over-year. There were 684 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio rose from 103.4% to 103.8%.
Pending sales were down 13.4% year-over-year. There are 568 homes in escrow.
Inventory of single-family, re-sale homes was up 10.5% compared to last year. As of November 5th, there were 716 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 38 days to 31 days. The average since 2003 is 89.
It took twenty-four 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 5.5% compared to last year. The median sales price was $950,500. The average sales price fell 3.8% year-over-year. The average sales price was $1,058,180.
Condo sales were down 3.9%. There were 248 condos sold in October.
The sales price to list price ratio fell from 100.8% to 100.3%.
Pending sales were down 14.5% year-over-year. There are 254 condos in escrow.
Condo inventory was up 28.5% compared to last year.
As of November 5th, there were 564 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory stayed at sixty-eight.
It took an average of thirty-seven 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.
October 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.