This city's big number is inventories, down more than 35 percent from last year, the second-largest decline in the nation. Prices are up 25 percent, and the median time homes spend on the market is down 64 percent.
Homes are going for "hundreds of thousands of dollars over the asking price," the San Jose Mercury News reported. The market heated up so much that there have been signs of cooling this summer as cautious buyers put their plans on hold. What's more, real-estate agents are embracing the cooldown!
"It's a welcome break in the trend, even if it ultimately means prices start to cool off a bit, too," ZipRealty CEO and President Lanny Baker told the Mercury News.