Silicon Valley Real Estate Market July 2024
The median home price reached its peak in May, and neighborhoods that experienced significant price increases earlier this year are now showing signs of slowing down. While more inventory was expected in June, it fell far short of meeting demands.
The Federal Reserve may be considering dropping rates by a quarter point twice by the end of the year, which could provide some relief to the tight real estate market. The first rate drop is anticipated in September.
The NAR (National Association of Realtors) settlement is still awaiting final court approval, and local Multiple Listing rules are set to change by August 14. After this date, no listings will contain information about buyer agent compensation. The California Association of Realtors is also working on new forms for buyers and sellers.
Shifting focus, there has been a concerning increase in financial abuse of the elderly in recent years, whether by strangers or family members (information provided by Stewart Title Company). In the context of real estate transactions, there are several red flags to be aware of:
- Removal of elder’s name from title to property for no apparent reason
- Assigned power of attorney that neither appears properly executed nor specifies the authority given to the attorney in fact
- The property has been owned for a long period of time by the same grantor
- Check signatures that do not resemble that of the elder on recorded documents
- Transfer on death (TOD) deeds for an elder not yet deceased
- Legal documents in which the notary did not witness the elder signing
- Requires disbursing sale or loan proceeds to someone other than the record owners, borrower or seller.
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Below are median home prices and stats for Santa Clara and San Mateo counties.
Stats for other areas are available upon request.
