San Jose, CA 95122 housing market

What this means

• Valuation. Prices are 23% above what local incomes have historically supported (this area's pre-2020 price-to-income ratio).
• Prices. Home values are down 1.7% over the past year (U.S.: +1.2%), 4% below their 2022-23 peak.
• Supply. Listings are 17% below the 2017-19 norm and falling (−23% vs. a year ago), still somewhat tight.
• Negotiating. Buyer leverage is low (13/100; U.S.: 54): homes typically sell at or above asking (101.9% of list); 19% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 65% of the median household income (U.S.: 35%); it takes about $223k a year to keep the payment at 30% of gross pay. That includes about $1,362 a year for home insurance (U.S.: $1,790).
• Buy vs. rent. Buying costs about $2,334/mo more than renting a typical home (mortgage payment vs. typical rent).
• Disaster risk. FEMA expects about $430 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from earthquakes. Earthquakes aren't covered by standard homeowners insurance.
• Outlook. No clear direction: likely −7% to +9% over the next 12 months (63% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −7.4% to +8.9% (80% range; middle estimate +1.8%), chance of a rise 63%, of a 5%+ drop 15%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

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