CoreLogic analyst Andrew LePage said high mortgage rates and a bumpy stock market late last year slowed home sales. He added that even some high-income earners might have been driven away by higher prices in Silicon Valley. Home sales over $2 million in Santa Clara County dropped nearly 30 percent in the last two months, compared with the same period last year.
“Did we begin to hit more and more people’s limit?” LePage said. “Sure.”
But he said that a recent drop in rates and more homes for sale could lead to a rebound.
