Having ticked up 4.6 percent in January, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, slipped 1.0 percent in February to 101.9 which is 4.9 percent lower on a year-over-year basis and 9.3 percent below a cyclical high of 112.3 recorded in early 2017.

At the same time, the inventory of homes on the market across the country at the end of February (1.63 million) was 3.2 percent higher on a year-over-year basis versus 10 percent higher in San Francisco.

Out West, the regional Pending Home Sale Index inched up 0.5 percent in February to 87.5 but remains 9.6 percent below its mark at the same time last year. And once again, while pending home sales activity in San Francisco proper has been ticking up, it remains below its mark at the same time last year.

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