Adjusting market - Change can be hard on everyone, and that is especially true of sellers. The increase in interest rates, drop in the equities market and change in buyer confidence seemed to bring an overnight change to our housing market in May. The realization that we were not in the same multiple offer environment with significant overbidding happened much slower for many sellers.
As you can see the number of active homes going into contract in July was reduced by half compared to Feb of this year in both Santa Clara and San Mateo Counties. Furthermore, the homes that are on the market are taking slightly longer to sell and are not experiencing as much overbidding.
