The San Jose Mercury News published some interesting statistics regarding the (South) Bay Area housing market and thought I’d share them with you:
1. As of Friday, May 1st, 5112 single family homes/condos/townhomes were for sale in Santa Clara County (San Jose area). That is down from 5979 on March 20th.
3. A year ago in early May of 2008, there were 7,340 for sale in the same category. That was UP from 6,900 six weeks earlier.
What does this tell us? First of all, the market is heating up and more homes are selling than last year. This is excellent news, because our supply of homes was far too large to really support a housing recovery. Now that inventory is declining, supply and demand are moving closer to being in balance. This is a crucial factor in the recovery of housing prices.
Here is the article: San Jose Mercury Article
And here’s more good news about the US housing market and economy in general: Bloomberg
