I’m tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.
From the Santa Clara Realtors (includes San Jose):
Closed sales (single family and condos) in July 2021 were 1,783, up 29.4% from 1,378. in July 2020.
Active Listings in July 2021 were 1,820, down 6.7% from 1,9501 in July 2020. (1estimate)
Inventory in July was up 3.0% from the previous month, and up 58.4% from the record low in December 2020.