Inventory of available homes in Santa Clara County peaked in mid-march and has been dropping steadily since. This is earlier than the normal cyclical drop. What is new is the inventory of bank owned homes and short sales has been dropping since the first of 2009. The bargain hunters have been taking advantage of these distressed offerings which has caused the median prices to drop sharply.
The new conforming loan limit of $729,750 has finally come about and open houses have been very busy since early April. The number of multiple offers in the $700s and $800s is picking up as well.
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