With an ongoing slowdown in the pace of sales, the net number of homes on the market in San Francisco ticked up 9 percent over the past week and is up over 35 percent, year-over-year.
With the uptick last week, listed inventory in San Francisco is now nearly 70 percent higher than average over the past decade, 100 percent higher than prior to the pandemic and nearly three times as high as in July of 2015.
At the same time, the asking prices for 29 percent of homes on the market in San Francisco have been reduced at least once, which is 9 percentage points higher than at the same time last year and 11 percentage points or roughly 60 percent higher than prior to the pandemic
Keep in mind that springtime inventory levels in San Francisco typically peak in June and tick down, not up, in July. We’ll keep you posted and plugged-in.