The Santa Clara County fall real estate market continues to adjust to the rising interest rates and slowing buyer demand. Multiple offers were far scarcer, although sellers were still receiving an average of 100% of their asking price throughout the third quarter of 2018. The median sales price has adjusted downward just slightly to $1,220,000 for single-family homes. The available-to-purchase inventory level is currently 154% above this same point last year, providing buyers an abundance of available properties that are in their price range. Total closed sales for the year are down 15% for the quarter and 8% year-over-year. The planned unit development segment of our inventory is also noticeably above last year’s available supply. This could be a result of a diminishing buyer demand in entry-level housing as rising interest rates impact their ability to qualify for financing. All of this translates into a cooling market that is providing excellent opportunities for home buyers in many areas of Santa Clara County.