The Bay Area real estate market follows seasonal cycles. During the summer, it's common to experience a slowdown in market activity, primarily due to buyers and sellers enjoying their summer vacations. The "Fall" market begins in mid-August when school sessions commence. This July is following that typical seasonal trend. Nonetheless, the current summer lull was preceded by a white-hot second quarter, during which median sales prices for single-family homes set new records for Santa Clara and San Mateo Counties, and days on the market declined year-over-year. Moreover, the luxury ($5M+) and ultra-luxury markets ($10M+) in Stanford Circle experienced a significant increase in sales.
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