August was a little slow, but along the west valley the expectation was that September would be robust. Normally we see a little rally after Labor Day that lasts until about Halloween. That’s our usual real estate market trend in Santa Clara County (San Jose area).
What has happened, though, is a significant slowdown. Few homes seem to be selling since the middle of September.
At this point, we are waiting for the September statistics to roll in. What I’m seeing, though, is that a lot of homes are just plain “sitting” at this time.
The article matches my experience that the wealthier areas of the valley (mostly in the west side communities of Los Gatos, Saratoga, Cupertino, Sunnyvale etc.) have low inventory and multiple offers and prices are rising, wheras lower priced housing on the eastside is much more of a buyer’s market.