San Jose real estate market is making newlines in the Wall Street Journal. It is important for Hollister home buyers and sellers to follow because the town follows similar selling patterns. The statistics may not be as steep but shortly after a change in San Jose, Morgan Hill, Gilroy, and Hollister follow.
Here are some interesting facts:
— San Jose (Silicon Valley), CA was the fastest-moving market, with 58% of new listings going under contract within two weeks on the market.
— The six fastest markets were all in California, followed by Denver, where 48% of listings went under contract within two weeks.
— The San Jose, CA and Chicago markets slowed the most last month, with the rate of homes going under contract in 14 days in Chicago falling from 23.8 percent in April to 14.6 percent in May. San Jose dropped from 64.0 percent to 57.7 percent.
— All 22 markets were still in seller’s market territory, defined by having less than six months of supply. San Jose, CA had less than one month of supply.