The inventory of homes actively listed for sale in San Francisco has jumped 18 percent over the past two weeks to 710, driven by a slowdown in sales along with a typical post-Memorial Day uptick in new listing activity.

As such, inventory levels are now running 2 percent higher than at the same time last year and 42 percent higher than at the same time of the year back in 2015, with 28 percent of the homes now on the market listed for under a million dollars (versus 33 percent at the same time last year) and 15 percent of all list prices having been reduced at least once (versus 16 percent at the same time last year).

Expect inventory levels in San Francisco to continue to climb for another week (or two) before ticking down for a typical summertime lull through August and then peaking in the fall.

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