The market is now entering the 2-month holiday phase where the activity is normally low. Fewer houses are coming to the market and sellers are holding off and most likely waiting to list their homes in 2023.
In Santa Clara County, the number of closed sales dropped approximately 46% on a year-over-year basis and new listings by 26%. Median Sales Price notably decreased by 1% from October last year. On the other hand, the only increase at 75% is the average days-on-market (ADOM) compared to the same time last year.
Despite the decline, homes are still selling. 2022 data shows homes sold in Santa Clara county did not go below 850 since January. It is indeed a fact that fewer houses are coming to the market and demand has cooled down as interest rates continue to rise.