September Inventory Seen Rising in the Valley


September housing inventories in Silicon Valley seen gradual increasing trend in September.
Class 1 – Single Family Home, week of 9/7, 498 units, week of 9/14, 577 units, week of 9/21, 614 units.
Class 2 – Condon/Townhomes, week of 9/7, 114 units, week of 9/14, 140 units, week of 9/21, 148 units.

Pending and close numbers also seen rising in September.
Pending (status 2-5):     9/7,  290,  9/14, 320,  9/21, 350    (See chart 2nd block, Sales, status 2-5)
Closing (status 5 only):  9/7, 206,  9/14, 211,   9/21, 250     (See chart 3rd block, Closing, status 5 only)
These numbers suggested that the market is still very active and busy.  No signs of slowing down. In fact, the Fed made the decision last Thursday of not raising interests, this is an extension for home buyers, especially those who were battered in the Spring due to fierce multiple bidding wars and scarcity of inventory in the market. This is the perfect time for buyers who waited, the first-time buyers, re-locators and buyers with limited down payments.

Start shopping for your next, (1st) home now, you never know, you may find your dream home much easier this time of year.

Jin Chen
Member of Silicon Valley Association of REALTORS