San Jose, CA housing market

In San Jose this June, the most telling number is not the typical home value. It is the median list price, sitting near $1.2 million while the typical home is valued around $1.36 million. That gap tells you sellers have started pricing for the market they are actually in. Home values are down 3 percent over the past year, so this is a genuine cooling, but it is an orderly one. There are just over a thousand homes for sale, with roughly 620 new listings coming on, and homes are still selling in about thirty-four days. Only about 14 percent of listings have taken a price cut, which means most sellers who priced realistically at the start have not had to chase the market down. For a homeowner thinking of selling, the lesson is straightforward. Buyers here are active but disciplined. Price to where the market is today, not where it was a year ago, and you can still be under contract in about five weeks.