The California Association of Realtors says overall sales across the region fell more than 19% compared to a year ago. There are two factors at play: higher interest rates and low inventory of homes for sale.
While higher interest rates may be scaring off first-time homebuyers, so are the prices, which in most cases have not dropped. In June, the median home price in Santa Clara County was $1.825 million, up 0.3% from the previous year.
"In Silicon Valley, if you're talking about Santa Clara County, what we’re seeing is we're still having multiple offers. We're having prices in the county selling for about 103% of the list price. So, if something's priced at $1 million, it's selling at 3% over the listed price." Because there are so few homes on the market, when there is an open house, agents said they often get 100 people coming to check out the house.
"In the second half of this year, most likely prices are going to stay somewhat high but may slow down a little bit in the next couple of months or so," California Association of Realtors Deputy Chief Economist Oscar Wei said."And, of course, if we start seeing interest rates coming down, that will be good news for buyers and also sellers."
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