Santa Clara County: As I regularly do every year, I look at the evolution of real estate prices from month to month, and compare that with the year prior.
I just finished putting down 2017 and 2018 on graphs, and until the end of February 2019 - shown below:
Click to see larger.
Several remarks:
We had a feeling in 2017 that prices were not slowing down during the usual slow periods of the year: in summer, and in winter. Well it shows clearly here that July and August did not go down in value (whether it is in average, or as a median price), and hardly came down in Nov. and Dec.
This is to be compared with last year in 2018 which everyone identified as a "slower market": indeed, after May 2018 prices started to go down a bit, with a verifiable dip in July and August (showing a month later when properties close), a typical regain in activity in September, and then a continued soft market after that. The end of 2018 was definitely a good time to get in the market.
February is showing us that, with the help of low mortgage interest rates, the market is picking up.
Currently, these gentle interest rates along with a fairly low inventory of homes for sale contribute to a rise in prices - right on cue...
statistically.
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Thank you for reading,
Francis
My
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Detailed, local trends etc...
Current
mortgage rates (pretty stable, and low.. )
In particular, 56% of Millenials are determined to own a home, and about 75% of them are pretty confident that they will have the ability to afford a home in the future. About the same number think it is the best long-term investment.
