Pending Home Sales in the U.S. Slip

And the declining rents that indirectly drive home prices in the Bay Area, unlike the rest of the country, are declining both in The City and the rest of the area. From In the U.S., City Rents Are Falling, and Suburban Rents Are Climbing:

Since the beginning of the pandemic, cities on both coasts have seen sharp declines in average rents, even double-digit dips for some. But the story looks different in other places. Outside the coastal job centers once dubbed “superstar cities,” many metros haven’t suffered the same acute drops in rent…average rents in 30 core cities have dropped more than 5%, while average rents in the suburbs of those cities have inched up half a percentage point.
In the cities that have suffered the deepest rent declines…above all San Francisco (-18%) — suburban rents have taken a tumble, too. In these metros, housing shortages have proven so severe that the suburbs function like outlying uptown neighborhoods. Without the usual summer surge in recent graduates and new hires that draw droves of people to the city, these entire metros are registering record-breaking vacancies.
Will renters continue migrating to the suburbs until that rebound comes — or even after? That’s harder to forecast…it’s more likely that Covid-19 jumpstarted decisions that were already in the works. Record low interest rates and severe housing shortages had many people already primed to leave the city; the pandemic gave them a push.

Emphasis mine. At some point, the homes that are being held off market by folks betting that pandemic-related declines in prices will be temporary are going to come back to market, adding to inventory.