The sales volume of homes listed for sale in San Francisco dropped 19 percent from October to November, which is roughly twice the typical seasonal dip, and was down 7 percent versus the same time last year.

At the same time, listed inventory in San Francisco was running an average of 1 percent higher in October versus October 2014, 14 percent higher in November versus November 2014, and is currently running 17 percent higher, year-over-year.

On a more granular level, sales of listed single-family homes were 7 percent lower in November versus the same time last year while sales of listed condos, which do not include the vast majority of new construction activity, were down 5 percent.

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