Despite mortgage rates having dropped to a near three-year low, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, dropped 2.5 percent in July to 105.6, which is now down 0.3 percent on a year-over-year basis and 6.0 percent below its cyclical high of 112.3 recorded in early 2017.

And having jumped 5.4 percent in June, the regional Pending Home Sale Index for the West dropped 3.4 percent in July to 93.5 but remains 0.3 percent above its mark at the same time last year while the pace of sales in San Francisco proper has dropped as well.

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