Metro area index
Home appreciation in the San Jose-Sunnyvale-Santa Clara, CA metro area
FHFA HPI® data shows the San Jose-Sunnyvale-Santa Clara, CA metro area's all-transactions index changed -1.0% over the year to Q2 2026, versus +0.9% for California and +3.0% for the U.S. That ranks 388th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- -1.0%
- 5-year change
- +27.4%
- Since Q1 1995
- +459%
- Metro rank (1 year)
- 388th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
San Jose-Sunnyvale-Santa Clara, CA vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- San Jose-Sunnyvale-Santa Clara, CA: 558.8
- California: 488.5
- United States: 391.6
Appreciation by time window
| Window | Metro | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | -1.0% | +0.9% | +3.0% | −1.9 pts | −4.0 pts |
| 3 years | +6.0% | +7.7% | +12.9% | −1.6 pts | −6.8 pts |
| 5 years | +27.4% | +28.1% | +41.3% | −0.7 pts | −13.9 pts |
| 10 years | +52.2% | +76.2% | +93.3% | −23.9 pts | −41.1 pts |
| Since Q1 1995 | +459% | +388% | +292% | +70.3 pts | +167.2 pts |
3-digit ZIP regions in the San Jose-Sunnyvale-Santa Clara, CA area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 951 · San Jose, CA area | CA | -0.4% | +31.2% | +501% | 100% |
| 943 · Palo Alto, CA area | CA | -1.4% | +29.7% | +471% | 74% |
| 950 · Santa Clara, CA area | CA | +0.2% | +20.7% | +383% | 65% |
| 940 · Sunnyvale, CA area | CA | +0.6% | +20.8% | +392% | 31% |
Boom, bust, and recovery in San Jose-Sunnyvale-Santa Clara, CA area
San Jose-Sunnyvale-Santa Clara, CA area's index peaked in Q3 2006, fell 26.8% to its low in Q1 2012, and regained its peak in Q1 2015, about 8.5 years after the top. Today it sits +74.5% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q3 2006 | Q1 2012 | -26.8% | Q1 2015 (8.5 yrs) | +74.5% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, San Jose-Sunnyvale-Santa Clara, CA area's index has changed +152% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | CA after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -4.7% | -2.9% | -0.8% |
| 3 years | +9.8% | -3.4% | -1.9% | +2.8% |
| 5 years | +24.0% | +2.7% | +3.3% | +13.9% |
| 10 years | +39.1% | +9.4% | +26.7% | +39.0% |
| Since Q1 1995 | +121% | +152% | +121% | +76.8% |
If you bought in the San Jose-Sunnyvale-Santa Clara, CA area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +453% | $1,657,684 |
| Q2 2000 | +203% | $910,263 |
| Q2 2005 | +94.5% | $583,531 |
| Q2 2010 | +131% | $693,611 |
| Q2 2015 | +65.6% | $496,858 |
| Q2 2020 | +34.0% | $401,950 |
| Q2 2021 | +27.4% | $382,304 |
| Q2 2023 | +6.1% | $318,159 |
| Q2 2025 | -1.0% | $297,070 |
Frequently asked questions
- How much have home prices risen in the San Jose-Sunnyvale-Santa Clara, CA area?
- FHFA HPI® data for the San Jose-Sunnyvale-Santa Clara, CA metro area shows changes of -1.0% over one year, +27.4% over five years, and +52.2% over ten years to Q2 2026, and +459% since Q1 1995.
- Is the San Jose-Sunnyvale-Santa Clara, CA area beating the national average?
- Over the past year the metro's index moved −4.0 pts versus the U.S.; over five years the gap is −13.9 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.