While the pace of home sales in San Francisco was already starting to slow last month, the slowdown in contract activity has become more pronounced over the past two weeks.

In fact, while contact activity in San Francisco was running around 5 percent higher on a year-over-year basis last month, it’s currently down 2 percent on a year-over-year basis and dropping (while inventory levels are on the rise).

And with respect to year-over-year comparisons, keep in mind that home sales in San Francisco last March were already lower than the year before and the lowest since 2009.

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