Having bottomed out at the end of April, at which point they were down nearly 50 percent on a year-over-year basis, the number of homes in contract to be sold started to rebound in May; turned positive, on a year-over-year basis, back in June; and were up sharply in July.
And in fact, pending home sales activity has been up around 30 percent over the past two weeks on a year-over-year basis, which should result in strong August sales figures and reports.
But as we noted last month, at which point pending sales activity was up closer to 40 percent on a year-over-year basis, the rebound in “pent up” sales activity appears to have already plateaued. Year-to-date sales remain down. And with “pent up” supply continuing to outpace “pent up” demand, listed inventory remains at – or above – recession-era levels in San Francisco.