San Jose home prices drop by 5% in July

Oracle / Other alive!
Aug 19, 2018 35 Comments

The redfin report was released which shows both national trends and city wide trends.

Please scroll down and see the city wide trends for yourself.

The highlights for San Jose:

- Sale price in July dropped by 5% compared to June.
- inventory is up in July by 8% compared to June
- inventory is up in July 2018 by 28% compared to July 2017

Inventory going up shows that the sellers are stuck with their houses and not able to sell.

https://www.redfin.com/blog/2018/08/market-tracker-july-2018.html?utm_source=Iterable&utm_medium=email&utm_campaign=1011565&inquirySource=367

San Jose home prices drop by 5% in July San Jose home prices drop by 5% in July

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TOP 35 Comments
  • Lero Labs / Mktg
    lyVd32

    Lero Labs Mktg

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    Taylor Marr, Redfin senior economist, said, “The Bay Area, Seattle and Portland have been so competitive for so long that buyers and sellers have adjusted to those conditions and may feel uneasy about the changes we’re seeing in the market. After several years of shrinking inventory and unsustainable price growth, I’m encouraged by these changes as a signal that we may be returning to a healthier, more balanced market.”

    Going up 19.3% year-over-year is a hot market normalizing to a regular market. There is no “housing crash“ coming.
    Aug 19, 2018 6
    • Lero Labs / Mktg
      lyVd32

      Lero Labs Mktg

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      lyVd32more
      “Tipping point“ indicates a peek, and then a steady decline of real estate values there after. That’s vastly different then a slowing down of the year over year home price. I think it’s the latter. We will probably slow down to 15% year-over-year growth, then 10, and then five, have another recession where prices drop 10% for one year, and then the next boom will begin. Nothing will ever shark bait area real estate again for a very long time. 2008 was the last time, and it will never happen again in our lifetimes
      Aug 19, 2018
    • VMware Vmnotfell
      I agree to some of your points but your dosage of kool aid is too high. Take care :)
      Aug 19, 2018
    • Oracle / Other alive!
      OP
      You are looking at the YoY number for sales price because it suits your narrative.

      As an FYI, YoY price was up in June by 26%, and now in July it’s up by 19%. At this rate we can expect the YoY price rise to be nullified by December. Then there will be no YoY numbers to hide behind for the bulls. Wait and watch.
      Aug 19, 2018
    • Lero Labs / Mktg
      lyVd32

      Lero Labs Mktg

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      lyVd32more
      I don’t own a house, have left the Bay Area, and don’t need to drink kool aid. Just looking at the facts. You guys don’t seem to have a home yet and are itching for the market to crash.
      Aug 19, 2018
    • VMware Vmnotfell
      You seem to care too much about us. You are a good human being. Thanks a lot :)
      Aug 19, 2018
  • Amazon / Eng
    ime&myself

    Amazon Eng

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    ime&myselfmore
    Crashing . . Sell everything and run into the woods. Zombie Apocalypse is around the corner
    Aug 19, 2018 0
  • Facebook / Eng unicorn-
    You are right - soon houses in Bay Area will be free. They might pay you to take one :):

    “The most competitive market in July was San Francisco where 76.3% of homes sold above list price, followed by 71.7% in San Jose, CA, 70.0% in Oakland, CA, 51.3% in Tacoma, WA, and 50.8% in Boston.

    Prices

    San Jose, CA had the nation’s highest price growth, rising 19.3% since last year to $1,163,500. “

    And the houses stay on the market for two weeks on average - I mean sellers probable have complete break downs waiting that long.
    Aug 19, 2018 0
  • Facebook public
    Alive, seriously you aren't learning at all despite the amount of time you waste trying to find data that supports your dream. Month over month percentage changes are meaningless. You aren't ready for real estate, just stick to renting and let it go. If you ever buy you will drive yourself crazy monitoring short term fluctuations. Real estate isn't a liquid market and you cannot make it one :)
    Aug 19, 2018 0
  • Apple / Other
    stevejerbs

    Apple Other

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    YoY comparisons or GTFO
    Aug 19, 2018 5
    • Oracle / Other alive!
      OP
      How about inventory going up 28% YoY ?
      Aug 19, 2018
    • Apple / Other
      stevejerbs

      Apple Other

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      Previous CEO @ 🍎
      stevejerbsmore
      🤷‍♂️ sale prices?
      Aug 19, 2018
    • Oracle / Other alive!
      OP
      Lol. Wonder what you will say as that YoY sales price number dips further and goes down to zero.

      28% more inventory and prop 13 coming will mean that sellers will literally beg for their houses to be sold.
      Aug 19, 2018
    • Magenic GrtB16
      inventory is 28% more? do you know what demand was? if it was twice as more than inventory then it is still high and it still a seller market
      Aug 19, 2018
    • Facebook public
      He shared yoy, its +19.3% rofl
      Aug 19, 2018
  • Oracle / Other alive!
    OP
    Important to note that inventory nationwide dropped by 5%. However the inventory jumped up by 28% in San Jose and 27% in Seattle.

    This is what the redfin CEO might have been indicating m. The west coast cities are having a huge inventory increase. Now if prop 13 passes then the inventory will only rise.
    Aug 19, 2018 2
    • Intuit Zpj2bk1
      Do you mean some other prop? Prop 13 passed in the 70s. Are you referring to the one permitting local jurisdiction of rent control?
      Aug 19, 2018
    • Google iyQY72
      Prop 5 seeks to expand prop 13 and allow those slovenly old fucks to transfer their tax break to new houses
      Aug 20, 2018
  • Facebook scrooged
    Can concur my neighborhood in Sunnyvale has been seeing a drop as well. Things are on the market much longer with way fewer offers. Hopefully upcoming IPOs will help revert the trend but they are at least a year away.
    Aug 19, 2018 0
  • VMware Vmnotfell
    Alive! And public ( from Facebook) should marry each other. One real estate permabull and other permabear.
    Aug 19, 2018 1
    • Facebook public
      Alive is why I come to blind! I am not a perma anything though and obviously hope for a major crash but data doesn't lie so in this siuation yes I do not see a crash in our near future.
      Aug 20, 2018
  • New / Design
    htHV20

    New Design

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    htHV20more
    I moved out of the Bay Area because my extended family couldn’t afford to live there. I’d love if the market normalized.
    Aug 19, 2018 0
  • Citibank Ilsn45
    Even the Bay Area will succumb to the Economic laws of physics. None of this matters is if you plan on owning 10 years + though. It’s all the investors that will get crushed. As they say pigs get fat, hogs get slaughtered.

    https://en.m.wikipedia.org/wiki/Supply_and_demand
    Aug 19, 2018 2
    • Google Vdzlw
      Eh... In the bay at these prices you have to own much longer than 10 years to breakeven on rent
      Aug 19, 2018
    • Google ipue10
      Prop 13 means your time horizon should be infinite
      Aug 20, 2018
  • New / IT
    Hush :)

    New IT

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    Amazon
    Hush :)more
    Is this person Alive as good as Patrick in your opinion ?
    Aug 20, 2018 1
    • Juniper Jdvdap
      I don’t know . We need to wait .
      Aug 20, 2018
  • Juniper Jdvdap
    I don’t recollect it well . I think he started reporting once it started going down , he didn’t predict it early .
    Aug 20, 2018 0
  • Lero Labs / Mktg
    lyVd32

    Lero Labs Mktg

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    lyVd32more
    There are a ton of real estate perma bears like Zero Hedge and Housing Bubble.com. Is Patrick one of them or did he predict the housing crash accurately?
    Aug 20, 2018 0
  • Juniper Jdvdap
    Patrick used run www.Patrick.net ,which extensively reported about Bay Area real estate crash during 2008 .
    Aug 20, 2018 0
  • New / IT
    Hush :)

    New IT

    PRE
    Amazon
    Hush :)more
    Who is Patrick ?
    Aug 20, 2018 0
  • Juniper Jdvdap
    Alive! will become the poster boy of 2018 crash as patrick of Patrick.net in 2008
    Aug 20, 2018 0
  • New / IT
    Hush :)

    New IT

    PRE
    Amazon
    Hush :)more
    This persons posts are scaring the shit out of me. Why did I not sell in May 😡
    Aug 20, 2018 0
  • Citibank Ilsn45
    This issue of houses selling above ask is not a measure of the strength of the market. Realtors purposely list below market value to drive interest. The best measure is months on market. 6 months is considered neutral. We’re well below that therefore a sellers market. Only time will tell but the trend has certainly shifted direction.
    Aug 19, 2018 0

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