Published October 25, 2026 in Market Update

More listings are showing up, but this is still not a loose market

By Brad Bell

Real estate, Cupertino & West San Jose - $1.2M+

These numbers cover the three months ending August 31, 2026. That is the most recent full period the Real Estate Data Aggregator has counted for this market.

The one fact that changes what you should do right now: homes for sale across Cupertino and West San Jose rose 86.7% year over year, according to the Real Estate Data Aggregator. That is real competition for sellers. It is also real breathing room for buyers. But pending sales rose 5.8% in the same period. Demand did not disappear when supply arrived.

Nationally, Realtor.com reported active listings topping 1.16 million homes, up 5.5% year over year. The local jump here is much steeper than that. More sellers came to market in this area than the national trend alone would predict.

Realtor.com also noted that 20.8% of listings nationally took a price cut in September, the highest September share since 2018. That is a national figure. This market's sale-to-list numbers tell a different story, as you will see below.

Supply went up. So did demand.

Supply grew faster than sales. That is why months of supply ticked up in every ZIP code the Real Estate Data Aggregator tracks here. But buyers kept signing contracts. The market got more competitive for sellers without becoming soft.

How each ZIP code read

The five ZIP codes in this market did not all move the same way. Here is what the Real Estate Data Aggregator counted for each one.

Prices dipped in some ZIPs. Buyers still paid over list.

In 95014, the Real Estate Data Aggregator put the median sale price at $2,860,000, down 11% from a year ago. That is a real drop worth naming. Even so, homes there averaged 104.9% of list price, unchanged from a year before. The median fell, but buyers were not getting discounts off asking price.

In 95129, the Real Estate Data Aggregator counted 71.7% of homes selling above list, up 4 points year over year. The median price there fell 4.4% to $2,414,000. Lower prices and more overbids in the same period. That happens when the mix of homes shifts, not just when demand softens.

In 94087, the Real Estate Data Aggregator found the fastest pace: a median of 9 days on market, 1 day shorter than a year ago, with 63.3% of homes selling above list. Sunnyvale's draw here is not that it is cheaper than Cupertino. It is that Apple's campus on Infinite Loop and Nvidia's campus off 237 are both a short drive up Lawrence Expressway or 280, without the Cupertino price.

What more inventory actually means

Even with supply up 86.7%, months of supply across these ZIPs stayed well below 3 months. In 95130, the Real Estate Data Aggregator measured just 0.8 months of supply. In 94087, it was 1.1 months. Those are still tight numbers.

For sellers: more homes for sale means buyers have more to compare yours against. Pricing and preparation matter more than they did a year ago. That is not a crisis. It is just a different starting point.

For buyers: you have more to look at. You are not waiting for a soft market to arrive. The Real Estate Data Aggregator shows pending sales still rising. The homes that are priced well are still moving fast.

The national picture, for context

Redfin reported U.S. home prices up 3.8% year over year in September, the fastest annual growth since June 2025. The Federal Housing Finance Agency put the national year-over-year gain at 2.6% through July. This market's prices moved differently by ZIP, some up and some down, so the national number is a backdrop, not a description of what happened here.

Realtor.com noted that national inventory is still 9.1% below pre-pandemic norms, even with supply rising. More homes for sale does not mean an oversupplied market. It means less scarcity than last year.

One note: these are ZIP-level counts. One street can read very differently from the ZIP around it, especially where school boundaries cut across a neighborhood. If your home sits near a boundary, the ZIP number may not reflect what buyers will actually pay for your specific address.