Having ticked down 2 percent last week, the net number of homes for sale across San Francisco has since inched back up 2 percent to around 880, driven by a 10 percent increase in the net number of single-family homes now listed for sale in the city (260) while the net number of condos on the market was effectively unchanged.

At the same time, the share of listings with a reduced list price inched up to 21 percent, which is 6 percentage points, or 40 percent, higher than at the same time last year while the average list price per square foot of the homes which are in contract is down 9 percent, year-over-year.

And while “only 880 homes” might seem like a nominal number of properties to be on the market at a single point in time, that’s 80 percent more inventory than there was on the market in early May of 2015 in the absolute and a another 10-year seasonal high, relatively speaking, with a typical spring spike in inventory levels having yet to materialize.

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