Having peaked in April, the number of single-family homes and condos in contract to be sold across San Francisco has since dropped 25 percent, albeit with typical seasonality in play.

And while there are still around 10 percent more homes in contract across San Francisco than there were at the same time last year, the year-over-year gain, which had averaged over 100 percent in the second quarter of the year, is currently on track to turn negative for the first time since June of last year within the next few weeks.

At the same time, the average list price of the homes which are in contract has dropped back under $940 per square foot and has been down an average of 5 percent on a year-over-year basis over the past month.

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