The share of homes currently listed for sale in San Francisco that have undergone at least one price reduction has ticked up to 32 percent, which is 5 percentage points higher than at the same time last year and the highest percentage of listings with an official price cut since the fourth quarter of 2016.

At the same time, pending sales activity has ticked up over the past couple of weeks and is currently running around 6 percent higher than at the same time last year, albeit with a lower average listed price per square foot for those homes which are currently in contract.

And year-to-date home sales remain down and on pace for an overall year-over-year decline in San Francisco.

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