As we noted two weeks ago, pending home sales activity in San Francisco, which peaked in April, was on track to drop on a year-over-year basis “within the next few weeks.”
And in fact, for the first time since June of last year, there are fewer single-family homes and condos in contract across San Francisco than there were at the same time last year, albeit by only 1 percent at the moment.
That being said, there are still over 80 percent more homes in contract across San Francisco than there were at this time of the year in 2019 and 60 percent more than in 2018, but the pandemic-era pace of sales has slowed and sales in the fourth quarter will be down on a year-over-year basis if the current pace holds.