A Sign of Sanity: San Jose Housing Market Slowing Down
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Silicon Valley housing has always been the craziest market in the country. Prices for a 3 bedroom house routinely exceed 600,000 dollars. That is why the slow down there, while not a bursting of a bubble, but more of a seasonal slowdown. The difference is that fewer people are bidding on the houses that have come onto the market.
From the Mercury News:
Experts have long predicted that Silicon Valley’s hot real estate market will cool off. Now, with interest rates rising, some prices falling and for-sale signs sprouting up across Santa Clara County, that may be finally happening — at least a little.
It could be just a seasonal blip, but buyers say they’re able to take a bit more time with their decisions. And when they bid on houses, they’re not competing against as many other buyers as they would have been a few months ago.
“There’s been more selection lately,” said Mike Nelson of Campbell, who’s looking for a house in the $700,000 to $800,000 price range — and who was outbid on two homes this summer. “We’re seeing more inventory on the market much longer.”
A key measure of the strength of the market, called days of unsold inventory, has climbed in recent months. Days of unsold inventory calculates how long it would take to sell all the properties on the market at the current pace of sales.
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