While the number of homes officially on the market in San Francisco dropped 10 percent over the past week with typical seasonality in play, inventory levels remain 2 percent higher on a year-over-year basis and sales are down.

At the same time, the percentage of listings which have undergone at least one price reduction has dropped one (1) point to 19 percent and should continue to drop through September if typical seasonality holds.

Inventory levels should continue to drop over the next month as well before jumping in September. And yes, the pace of sales remains down in San Francisco, with contract activity down nearly 15 percent on a year-over-year basis over the past two weeks.

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