While the pace of home sales in San Francisco started ticking up at the end of last year on a year-over-year basis, having dropped in 2019 overall, keep in mind that said sales were compared to 10 and 11-year lows in San Francisco and the Bay Area at the end of 2018 and early 2019 as well.

And in fact, while contact activity in San Francisco was running around 18 percent higher on a year-over-year basis last month, it has since dropped to an average of 5 percent higher over the past two weeks, or roughly 1 percent higher over the past week alone. And compared to 2018, contract activity is currently down nearly 20 percent while inventory levels are up.

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