That chilly air you're feeling in the mornings may not be due to the change of seasons but from the rapid cooling of Silicon Valley's housing market.
"New home buyers are becoming more cautious," Anja Solum, a data journalist at SmartAsset, said in the report."Rising mortgage rates and declining home sales have signaled the end of a hot housing market." SmartAsset created an index for each of the eight data points it included in its study, then combined them into two broad categories — price changes and demand changes — of four data points each. To find the coolest markets, it averaged those two scores.
In August, houses in San Jose were on the market 19 days before they sold, according to the study. That was the eighth highest duration in the study and was up 90% from the same month last year. Meanwhile, nearly 27% of listings in the area that month had seen a price cut, and the number of houses sold was down 43% from a year ago.