With the recent rise of interest rates, the Single Family housing market in San Jose increased by 20.3% Year-Over-Year in August 2013 ! That’s a great step towards recovery, but the impact of the recent increase in Mortgage rates are also showing up in the slow down of pending sales.
Single-family starts offers additional evidence of the slow but steady improvement in single-family owner-occupied construction that begin in earnest in early 2012. The seasonally-adjusted construction rate increased 36% since January 2012. Even with the steady rise, single-family starts remain at less than half a normal rate of 1.4 to 1.5 million per year. NAHB is forecasting 17% increase in single-family construction in 2013 over 2012 and a more robust 31% increase in 2014.
Locally, however, Trulia Price Monitor reports that % Change in Asking price is only 0.8% in California. According to this report Construction Permits in San Jose increase by 135% year to date which is a good sign of slow by steady recovery.
With all this good news, does this mean it’s a good time to sell your San Jose home and take some profits!? Talk to a broker to find out if your home will fetch the highest possible price in the current market. You can also order a Complimentary Home Value Report from our office.