Having slipped last month, representing an atypical decline in activity in the midst of the traditional spring buying/selling season and despite posturing that a jump in mortgage rates would spur more activity as buyers rushed to “lock-in at lower rates” and inventory having hit an 11-year seasonal high, the number of single-family homes and condos in contract across San Francisco dropped nearly 8 percent last week, representing the third straight week with a week-over-week decline.

In addition to slipping in the absolute, the pace of home sales in San Francisco is currently down over 20 percent on a year-over-year basis, having been down an average of closer to 15 percent last month, with pending sales trending down nationally as well and mortgage rates poised to climb.

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