The number of single-family homes and condos in contract across San Francisco slipped a percent over the past week, representing an atypical decline in activity in the midst of the spring buying/selling season and despite posturing that a jump in mortgage rates would actually spur more activity as buyers rushed to “lock-in at lower rates” and inventory having hit a 10-year seasonal high.
In addition to slipping in the absolute, the pace of home sales in San Francisco was down over 10 percent on a year-over-year basis last month, and down an average of 16 percent in the first quarter, with pending sales trending down nationally as well and mortgage rates poised to climb.
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