Price declining? That would be a wishful thinking as far as the market goes. The sold data shows what happened 2 months ago. It is true, however, that it takes longer today to get into a contract. In SJC it is 29 days (1500-2400 sf SFH) vs. 18 days 3 months ago.
The mind set of sellers is they expect to sell at a certain price based on past data. They are more willing to work with buyers today and are willing to wait a bit longer (days not hours). The mortgage interest rate did go up and since has dropped. There are more inventory on the market and sales are more like traditional market.
For neighborhood stats (values) please refer to my blog:
One group of buyers not active this summer is the investors. Most are stunned to find out home prices recover so quickly. While others are in the backseat watching for changes. The income properties are also in demand and price does not correlate to neighborhood or schools.
Sam Shueh, mba, cdpe, pe
Keller Williams Cupertino Realty
SamShuehRealtor @ gmail.com