The percentage of homes listed for sale in San Francisco for which the asking price has been reduced at least once has ticked up a percentage point over the past week to 16 percent, which is 2 percentage points higher on a year-over-year basis and 7 percentage points higher than the percentage of reduced listings on the market at the same time of the year in early 2015 (9 percent).
At the same time, while the number of homes in contract has ticked up in the absolute with typical seasonality in play, sales activity remains down on a year-over-year basis, with pending sales having run an average of 10 percent lower on a year-over-year basis over the past month and a year-over-year decline of closer to 20 percent in the weeks driving the recorded sales figures for February.
And once again, recorded sales in San Francisco were down 18.5 percent on a year-over-year basis in January, which was a 10-year low in the absolute and shouldn’t have caught any plugged-in readers by surprise.