As we outlined last week, the pace of home sales in San Francisco was already “down 20 percent on a year-over-year basis and dropping fast.”

As we noted yesterday, the number of homes on the market in San Francisco has since ticked up 11 percent, “driven by an uptick in new listing activity along with a near halt in new offers being written.”

And in fact, the current pace of sales in the city is now down 30 percent on a year-over-year basis with the average list price of the homes which are under contract currently holding at around $975 per square foot (which is down 5 percent since mid-February).

Comments from Plugged-In Readers

  1. Posted by Anonymous

    Bubble burst here we come.

  2. Posted by john downey

    Its temporary. Come August, it will be back to normal. The Bay Area economy is STRONG.

    • Posted by hoohoo

      And Hydroxychloroquine cures coronavirus

    • Posted by Brahma (incensed renter)

      I think most people would agree that it’s temporary. The stay-at-home orders will probably be lifted before August, but things will be back to normal? I don’t think so. The highly negative economic impact will still be weighing down the local economy until the end of this year at the earliest, and I think that’s being optimistic.

    • Posted by Notcom

      Mr. downey was clever: if you read his message carefully you’ll notice there’s no year mentioned.

  3. Posted by Michael

    Not just SF. Redfin is furloughing 41% of its agents, 7% of its staff.

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