With the number of new listings having outpaced the number of new contracts written over the past week, the total number of homes on the market in San Francisco ticked up 5 percent in the absolute to 990.

As such, overall inventory levels are now 45 percent higher than at the same time last year, with 60 percent more condos and 6 percent more single-family homes, which is down five percentage points over the week prior but versus a 26 percent deficit, on a year-over-year basis, nationwide.

At the same time, the percentage of homes on the market in San Francisco with a reduced list price ticked up from 20 to 22 percent over the past week and is now 8 percentage points higher than at the same time last year.

Expect inventory levels to climb over the next quarter and through the middle of the year, with a big year-over-year jump next month, if seasonal patterns hold.

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