San Jose home sells for $1.103 million

The sale sits between recent nearby transactions that show how uneven the San Jose market can be block to block. A 1,391-square-foot home on Karl Street sold in February for $930,000, or $669 a square foot, while a 1,141-square-foot house on Sullivan Ave. fetched $1.075 million, or $942 a square foot, in July.

That pricing backdrop comes as the national U.S. housing market remains mixed. The Case-Shiller home price index points to continued annual gains, while housing starts have been volatile, reflecting a market still constrained by supply, borrowing costs and affordability pressures.

For investors, the sale is another data point on the durability of high-end West Coast home values, which support demand for homebuilder stocks, real estate services and rental operators even as affordability limits transaction volume. The latest reading on Adalytica’s Housing and Rent Inflation Sentiment gauge shows “Extreme Fear,” suggesting consumers and investors remain wary of housing costs despite still-elevated prices.

The broader takeaway is that San Jose’s resale market is still clearing at seven-figure levels for modest single-family homes, a sign that scarce inventory continues to anchor prices. Future direction will depend on mortgage rates, local supply and whether buyers keep absorbing elevated asking prices into year-end.