There has been a sharp increase in housing inventory in the heart of Silicon Valley.
According to a new inventory and price watch report from Trulia, San Jose is seeing the biggest inventory increase in starter and trade-up homes since 2014.
Trulia says the city ranks first nationally in terms of total for-sale inventory growth with a year over year increase of 55-percent.
Santa Clara County Association of REALTORS President Gustavo Gonzales, says that it’s good news.
“Basically we’re getting to a more balanced market which is good for everybody, it allows buyers a little more time to think about what they want to get,” Gonzales said.
For-sale inventory often rises when more new listings come on the market or when homes stay on the market longer.
In more expensive markets like San Jose, where affordability has declined, sales are slowing some but inventory is still not keeping pace with demand, Gonzales said.
“The economy is strong. Google, Apple, LinkedIn, and Tesla are adding jobs,” he said. “As ong as we have a lot of job growth we will have a lot of demand and until we build more housing we will continue to have that demand”
According to the Trulia report, the average time on the market for a starter or trade-up home in San Jose so far this year is up from 40 to 57 days.
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