CFAH

With the current pace of home sales in San Francisco still down over 10 percent on a year-over-year basis, the net number of homes on the market (930) has effectively held at a 10-year seasonal high over the past few weeks, matching last year’s inventory levels.

At the same time, the percentage of homes on the market in San Francisco which have undergone at least one official price reduction has ticked up five (5) percentage points to 22 percent, which is atypical for this time of the year and 8 percentage points higher than in the years preceding the pandemic, as we noted last week. And with the increase in reductions, the average list price per square foot of the homes on the market in San Francisco is now down a little over 2 percent on a year-over-year basis to just over $1,000 per square foot.