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

And in fact, the number of homes in contract across the city is now down 40 percent versus the same time last year and the average price of the homes under contract has dropped to $960 per square foot, which is down 6 percent since the beginning of March and 2 percent lower than at the same time last year.

At the same time, listed inventory levels have started to tick up since plummeting last month but remain 30 percent lower than at the same time last year with twice the percentage of active listings having undergone at least one price cut.

3 thoughts on “Pending Home Sales Down 40 Percent in San Francisco”
    1. There was a lot already in the closing pipeline or closed but not formally booked. The next quarter will be a massacre and the touts here will say it’s only a speedbump.

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