Homeowners gained an average of $44,000 in equity, a 24% return on purchase price, the highest since 2007. Sellers held homes for an average of 7.97 years, longer than pre-recession averages. Low inventory of move-up and starter homes limits sales, but some markets show signs of increased turnover. Home prices reached new highs, fueling a strong spring home-buying season.
New California housing laws effective January 1, 2027, include streamlined approval for housing near transit hubs in cities over 400,000 population, ministerial review for qualifying townhome projects, and standardized factory-built housing regulations. Accessory dwelling units (ADUs) can now include two detached units with adjusted impact fees. Permit processing limits plan checks and requires cost estimates. Density bonus law and starter home revitalization act are expanded. CEQA excludes impacts solely from increased building height under specific conditions.
Santa Clara County's property values rose 4.7% to a record $760.1 billion for 2026-27, driven by ownership changes, residential properties, and new construction. Commercial real estate showed mixed trends with increased assessment reductions but strong office leasing, especially in Class A buildings. Lower-end homes faced value declines amid higher interest rates, reflecting a K-shaped economy. Future growth depends on mortgage rates, inflation, regulations, and political factors.
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California home sales are expected to rise 3.7% in 2027 to 277,900 units, with median home prices increasing 1.4% to $894,400. Housing affordability is projected to remain stable at 20%. Limited home inventory will support prices but limit market growth. Economic factors include 2.2% GDP growth, 0.3% job growth, a 5.4% unemployment rate, and a steady 6.6% average 30-year mortgage rate.
Assessed values surpassed $750B, and countywide growth averaged ~5%, slower than most of the past decade but slightly faster than the prior year.
Residential ownership changes remained the strongest growth driver, contributing ~50% of added value and outpacing commercial properties, new construction, and inflation adjustments.
Residential transaction counts stayed steady, while median sale prices ticked up slightly, reinforcing the county tax base through reassessments tied to property sales.
Within the county, Sunnyvale posted ~7% blended growth, while Los Altos led residential markets near ~6%; Los Altos Hills, Monte Sereno, and Morgan Hill followed.
San Jose grew ~5% and contributed >1/3 of the county tax base at $280B; the assessor also highlighted data centers' direct and indirect revenue effects.
