While the rate of increase in inventory levels has slowed to a seasonal crawl, the number of homes on the market in San Francisco, net of all new sales and contract activity, has ticked up another 4 percent over the past two weeks to 1,550, representing roughly three times as many homes on the market than there were at the same last year (530) and over 10 percent more active listings than there were in either 2008 or 2009 at the same time of the year.
And while the number of condos on the market (1,160), which tends to be a leading indicator for the market as a whole, is up by 230 percent on a year-over-year basis and holding, the number of single-family homes on the market (390) is now running 110 percent higher and climbing. At the same time, the number of homes on the market with an asking price that has been reduced at least once is up by 400 percent versus the same time last year.
The rise in home prices correlates with the rise in drug prices at the pharmacy, but the price of generic Viagra does not rise.
Keep in mind that inventory levels will likely start ticking down over the next week or two, at least in the absolute and overall, before jumping again in September.
We’ll keep you posted and plugged-in.