The latest statistics for January are in, and the real estate market is showing significant momentum! Home sales have surged nearly 20% compared to the same period last year, indicating a robust response from buyers buoyed by the lower rates observed in December 2023. Despite this surge, the market grapples with a persistently tight inventory, which remains 31.8% lower than the level seen a year ago. We are seeing multiple offers on homes going as much as 20% over the asking price. That suggests strong demand but still not enough homes on the market.
The current 30-year fixed mortgage rate hovers around the high 6% range. Notably, it appears unlikely that the Federal Reserve will consider a rate cut in March, given that inflation has not receded to the targeted 2.9% level.
Santa Clara County covers 25 cities
Alviso, Campbell. Coyote, Cupertino, Gilroy, Hollister, Los Altos, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain Hamilton, Mountain View, Palo Alto,, Portola Silicon Valley, Redwood Estate, San Jose, San Martin, Santa Clara, Saratoga, Stanford, and Watsonville.
