The end of the summer buying season shows a traditional slowdown in the market but doesn’t detract from the fact that U.S. home prices have risen in October by the most in 6 years.
Record low mortgage rates, rising rents and renewed confidence boosted demand in the once battered housing market. At the same time, the number of available homes is at the lowest level in 10 years according to the National Association of Realtors. The resulting combination of low inventory and rising demand pushes up prices.
The Spring market in Santa Clara County took off in early March this year. It will be interesting to see how it fares in the coming season.