Having slipped in April, representing an atypical decline in activity in the midst of the traditional spring buying/selling season, the number of single-family homes and condos in contract across San Francisco has dropped 14 percent over the past month despite the number of homes on the market having hit an 11-year seasonal high.
In addition to slipping in the absolute, the pace of home sales in San Francisco is currently down 18 percent on a year-over-year basis, representing the 26th straight week with a year-over-year decline in pending sales, an average year-over-year drop of 16 percent since the start of the year, and versus a 9.1 percent drop in pending sales nationally last month to a near decade low.