Having slipped another percent over the past week, the number of homes in contract to be sold across San Francisco is now 46 percent lower than at the same time last year and pending home sales activity is at its lowest level in over six years on a seasonally adjusted basis, with the average list price per square foot of the homes which are in contract having dropped under $940 per square foot, which is 6 percent lower than at the same time last year and down 7 percent since May.
At the same time, the net number of homes on the market in San Francisco (i.e., inventory or supply) is currently 30 percent higher than at the same time last year, with nearly 40 percent more single-family homes, and over 60 percent higher than prior to the pandemic.