Santa Clara County (SCC): Home Prices Up, Sales Down in August
The median sales price for single-family, re-sale homes was up 2.6% 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 $2,306,550.
Sales of single-family, re-sale homes were down 2.7%, year-over-year. There were 652 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% to 102.3%.
Pending sales were up 7% year-over-year. There are 584 homes in escrow.
Inventory of single-family, re-sale homes was up 10.6% compared to last year. As of September 5th, there were 761 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 41 days to 35 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 8% compared to last year. The median sales price was $940,000. The average sales price fell 6.1% year-over-year. The average sales price was $1,039,180.
Condo sales were down 6%. There were 249 condos sold in August.
The sales price to list price ratio fell from 100.5% to 100.3%.
Pending sales were down 7.4% year-over-year. There are 264 condos in escrow.
Condo inventory was up 41.8% compared to last year.
As of September 5th, there were 563 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell from seventy-seven to sixty-eight.
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
August 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 Labor (SCC & SMC)
August 29, 2025 — Home sales will soon be closing a soggy summer, but we’ll have to wait another month to see how August turned out. We already know that existing home sales have been muted, and this week we learned that sales of new homes in July were also pretty modest. Although June’s sales figure was revised higher to a 656,000 annual rate, it doesn’t much change the picture of a lumbering market for new homes; for July, sales of new homes edged 0.6% lower, slipping to a 652,000 annual pace. While the supply of new homes available to buy did decline a little bit, easing by 3,000 to a 499,000 annualized level, the 9.2 months of supply at the present rate of sale is more than ample. New home prices continue to be very competitive with existing stock; July’s $403,800 was 0.8% below June’s median sales price, and is 5.9% below the median cost of a new home last July. By contrast, the median price of an existing home sold in July was $422,400.
Existing home prices may be poised to have somewhat larger and more widespread seasonal price declines this year, something we detail and discuss in the analysis portion of our quarterly Home Affordability Study. Whether that will be enough to help bring more buyers into the market isn’t certain; lower mortgage rates will be required to help that occur. At least in July, there were fewer buyers of existing home in the market, as the Pending Home Sales Index from the National Association of Realtors found a 0.4% decrease in the number of signed contracts to purchase homes. The PHSI leads closed sales numbers by about two months, and based upon the last two months of declines, it is hard to expect to see much improvement in existing home sales to close the summer.
But there are of course at least some sales happening. The Mortgage Bankers Association reported a 0.5% overall decrease in requests for mortgages in the week ending August 22, but that decline all came from the refinancing side of the market, with calls for funds to refinance existing loans dropping by 3.5%. Applications for purchase-money mortgages ticked 2.2% higher for the week, and in fact have managed to post a positive figure in each of the last four weeks. Slightly lower mortgage rates during that time have helped support homebuyers to at least a modest degree.
As much as we’d like to see lower interest rates and especially lower mortgage rates, we’d rather not see the kind of increasing economic misery that makes them necessary. As we’ve remarked before, if you don’t have a job, it really doesn’t matter how low mortgage rates are, since you can’t qualify for one to buy a home or refinance, regardless of how attractive the rate may be.
A long weekend with the Labor Day holiday leaves mortgage rates poised to do little. That’s not uncommon to start September; it’s typically the first full week of the month (8th-12th this year) when things begin to move more quickly, and we’d expect to see more action then, especially this year. For the next week at least, we think that the average offered rate for a conforming 30-year fixed rate mortgage as reported by Freddie Mac may wobble a little, managing to be unchanged or perhaps posting as much as a two basis point decline. We’ll see what comes 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 Annual Gain in June 2025
- The U.S. National Index, the 20-City Composite, and the 10-City Composite continue to display growth with 1.9%, 2.1% and 2.6%, respectively.
- Housing wealth erodes in real terms for second consecutive month, with home price gains of 1.9% trailing consumer inflation of 2.7%.
- Regional leadership flips as New York (7.0%) and Chicago (6.1%) outpace former pandemic darlings Tampa (-2.4%) and Phoenix (-0.1%).
NEW YORK, AUGUST 26, 2025: S&P Dow Jones Indices (S&P DJI) today released the June 2025 results for the S&P Cotality Case-Shiller Indices, formerly known as the S&P CoreLogic Case-Shiller Indices. 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 August
Sales of single-family, re-sale homes in San Mateo County rose 3.9% in August, year-over-year. There were 265 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 $1,950,000. It was up 2.6% compared to last year.
The average sales price fell 3% year-over-year.
The sales price to list price ratio rose from 102.4% to 103.1%.
Inventory of single-family, re-sale homes was down 3.3% compared to last year. As of September 5th, there were 353 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-one days to forty days.
It took twenty-six 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 0.2% year-over-year.
Year-over-year, the average sales price fell 5%.
Condo sales were down 10% year-over-year. There were 81 condos sold last month. The average since January 2003 is 122.
Inventory was up 28.3% year-over-year.
As of September 5th, there were 213 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from ninety to seventy-nine.
It took an average of fifty 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.
August 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.