San Jose Housing Market: A Detailed Analysis for August 2024
The San Jose, CA metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $1,533,000, reflecting a slight decrease of 1.1% year-over-year (YoY). In contrast, the Median List Price has increased by 2.1% YoY, reaching $1,450,000. This divergence suggests a potential shift in seller expectations versus buyer willingness to pay.
Price Per Square Foot metrics indicate a robust appreciation, with the median Price Per Square Foot rising by 5.2% YoY to $944.91. Similarly, the Median List Price per square foot has increased by 5.4% YoY, now at $897.79. These figures highlight a continued demand for space, even as overall sales prices show a slight decline.
Sales activity in the region is on the rise, with 1,150 Homes Sold, marking a 4.0% increase YoY. Pending Sales have also seen a notable uptick, climbing by 6.2% YoY to 1,158. This suggests a healthy level of buyer interest and activity in the market. However, New Listings have decreased by 1.6% YoY, totaling 1,239, which could indicate a tightening supply in the near future.
Inventory levels have surged by 24.7% YoY, reaching 1,527 homes. This increase in inventory, coupled with a 20.0% rise in Months of Supply to 1.3 months, suggests that the market is gradually moving towards a more balanced state, though it remains a seller's market. The Median Days on Market have increased by 5.0% YoY to 18 days, indicating that homes are taking slightly longer to sell compared to last year.
The average sale to list ratio has slightly decreased by 0.5% YoY, now at 103.6%, while the percentage of Homes Sold above list price has dropped by 5.0% YoY to 60.4%. These changes suggest a moderation in competitive bidding and a potential cooling of the market frenzy seen in previous years. Additionally, Price Drops have marginally decreased by 0.4% YoY to 26.9%, indicating that sellers are adjusting their expectations to align with market conditions.
Finally, the percentage of homes going off the market in two weeks has decreased significantly by 12.5% YoY to 52.2%. This decline may reflect a more deliberate pace among buyers, who are taking additional time to make purchasing decisions in a market that is showing signs of stabilization.
Overall, the San Jose housing market in August 2024 exhibits a mix of stabilizing and dynamic elements. While some indicators point to a cooling trend, others suggest continued demand and price resilience, painting a multifaceted picture of the current real estate landscape.
