In this week's report, the number of homes sold in the Palo Alto market dropped to 40 over the past 30 days, a decrease of 9.1% from last week's report, but still above the monthly average. On the other hand, close-by San Jose registered 645 homes sold in the same time frame, the most of all surrounding cities. Prices are falling in Palo Alto, and this period the median price of all sales fell from $2,526,500 to $2,440,000. Despite the slip in sales, a relatively low two months of inventory indicates that Palo Alto is a solid seller's market.
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