Redfin weekly release: San Jose the fastest falling metro in September

Of the 50 most populated metros pulled by Redfin, San Jose real estate ranked the lowest in price growth this month. While pending sales volume is down nationwide, and median sale price in San Jose is down 5% year over year, SF increased by 10.2%.

Conversely, new listings in SF decreased by 9.2%. San Jose is up 13.9% which is the second highest increase on the list.

According to one of our recent MLS data pulls, San Jose has gone from about 1 month of supply to 3 months year over year, which should be taking some pressure off of buyers. However: Freddie Mac's weekly survey has come back higher five weeks in a row (reached over 7% on Thursday!) so any relief from the increased supply is definitely being dampened by the fact that rates have been steadily increasing.

For homebuyers looking to close within the next 45 days, it might be a good time to lock in your rate. There's some other interesting national stats in the release so imo it's a pretty good read.