I have been predominantly shopping in Fremont for a SFH. I got Redfin update stating that the median sales price in Fremont dropped by 6% in July compared to June. The price per square feet dropped by 3% in July compared to June. August is just going to be huge price drops since the houses have stayed on market longer. Anybody else getting these Redfin updates about other areas like Santa Clara / San Jose ? Please let us know what you see in the Redfin updates. Image attached showing the Redfin update of sales price drops.
Not that much change in SJ comparing July to June. About -1 %. Actually the number of offers increased by 6% comparing to June. I think we are flattened in SJ.
Interesting. Can you please post the picture like I did. -1% in price per square foot ?
What we are seeing is the housing inventory increase. in part due to new home builders having purchased grade 2 pine framing lumber from Canada at pre-tariff prices(the first tariff) this spring as well as a number of other building supplies, so there are more than the typical number of specs on the ground. And the inevitable market correction after 8 years of growth in the real-estate market. In 18 months there should be some very good deals.
Yes, San Jose is going down
I see houses in $2 million range in South Bay going for 10% less .. maybe a sign ?
Dude it drops every July, people are on vacation. Chill. They go back up in August.
San Jose Update
Wow. That looks like a trend. Let’s sync up again when we have the August numbers. I am pretty sure the drop in prices will be much higher than the drop in July.
Which app shows this data ?
Here is the report for Danville. I’m not sure what to make of these numbers - slowing down but still strong demand? The report does seem to paint a rosier picture than what I’ve observed with many properties staying unsold for several months, even with price reductions.
Where in Redfin do I see this?
They send this via email, it’s probably based on searches you’ve done and properties that you’ve saved. I don’t know if there’s a way to access this info on their website. Zillow has similar stats which you can find on their website.
Doesn't look too bad in east bay (san leandro)
Read less into the month to month change and more into the year to year change. House price is seasonal. Generally higher in the summer and lower in the winter. Nobody goes to open house in the cold.
Just to be clear, I am have gotten these updates in the past and NEVER had it ever dropped. This is the first drop in several years. So I doubt it’s seasonal.
Just means the growth rate is decelerating, but not actually declined. Kind of expected, given all the Facebook scandals and on going trade war.