In October, home prices fell slightly from the month before, with a median listing price of $1,193,694.<\/p>\n
The number of listings on the market shrank 4.9% from last month, which is a bigger decrease than normal for this time of the year in San Jose, and homes are also selling slower than at the same time last year.<\/p>\n
Home prices in San Jose<\/p>\n
Typically, home price per square foot in San Jose tend to fall in October. But the most recent data shows that the price per square foot increased by 0.9% compared with the month before.<\/p>\n
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in the Capital of Silicon Valley are outpacing the national market.<\/p>\n
San Jose inventory<\/p>\n
In October, there were 783 homes for sale in San Jose, which was 4.9% less than the month before and 18.2% more than the same time last year.<\/p>\n
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.<\/p>\n
The number of new listings in San Jose was 496, which was 21.5% less than the month before and 6.1% less than the same time last year.<\/p>\n
Nationally, the number of new listings fell by 2.7% from last month to 384,264.<\/p>\n
Time on market<\/p>\n
Homes in San Jose take an average of 36 days to sell, according to October figures.<\/p>\n
This is one day more than the previous month and seven days more than the same month last year.<\/p>\n
For comparison, nationally homes spent an average of 63 days on the market in October.<\/p>\n