Do you love data? Or do you just appreciate the recommendations that stem from it? Either way – this week’s NEW blog from Homes of Silicon Valley is all about the metrics that matter most in today’s market. We have hand-selected several sources that add valuable perspective to the local and national trends that you hear about every day.
Which one is your favorite?
REAL ESTATE REPORT PRESENTED BY HOMES OF SILICON VALLEY
If you are looking for local market data – the Homes of Silicon Valley Real Estate Report is just what you need! Data can be filtered by 'All Cities' in Santa Clara County, or broken down further by the city you select. Metrics include: Median Price, Average Price, No. of Homes Sold, Pending Properties, Active Listings, Sales/List Price Ratio, Days on Market and Days of Inventory.
At A Glance: The median home price in Santa Clara County is up 0.6% month-over-month and 3% year-over-year at $1,380,000, while the days on inventory is down almost 50%!
Explore: http://markbarber.rereport.com/market_reports
We know that COVID-19 has taken a toll on virtually every industry in one form or another, and that housing has been projected to lead our nation's economic recovery. To help track the dynamic market conditions of today, the National Association of Realtors® has launched the Housing Market Recovery Index. Data can be charted and calculated nationwide on a weekly basis, or filtered by each of the 50 largest markets. In terms of how to read the index, NAR® states: “A value of 100 means the market has recovered to January 2020 pace. The higher the index value, the higher the level of recovery. The lower the index value, the lower the level of recovery.” Components included in the weekly calculation include housing demand, housing supply, home price and pace of sales.
At A Glance: The Recovery Index for the San Jose-Sunnyvale-Santa Clara metro was 104.4 for the week ending on June 27th, and 111.2 for the San Francisco-Oakland-Hayward metro the same week.
Explore: https://www.realtor.com/research/housing-market-recovery-index/
If you are seeking a resource that summarizes housing data and views it through a macroeconomic lens – the Fannie Mae Economic & Housing Outlook is a great start. Each monthly report includes Economic Developments Commentary, Economic Forecast, and Housing Forecast – which detail interest rate movement, the housing market, the mortgage market, and the overall economic climate. Fannie Mae has also won the NABE Outlook Award for the most accurate forecast – but do note that trends are nationwide. Silicon Valley micromarkets typically act very differently than the nation as a whole, so keep that in mind as you process projections.
At A Glance: Mortgage purchase application volume is nearing pre-pandemic levels; the Home Purchase Sentiment Index® and Mortgage Lender Sentiment Survey® reflect increased optimism and resilience. Refinance activity is likely to eclipse the refinance wave of 2012 and the spring buying season has rapidly transitioned into early summer.
Explore: https://www.fanniemae.com/portal/research-insights/forecast.html
If you ever have any questions about this data (or just want us to give you the most relevant results for you!), please do not hesitate to reach out. We not only love data, we enjoy making it make sense for you and your goals.
All my best,
Mark Barber, Homes of Silicon Valley
Mark@HomesofSV.com | 408.291.0072