Pending Home Sales in San Francisco Down Over 30 Percent

As we outlined earlier this week, the recent decline in listed inventory levels in San Francisco is being driven by a slowdown in new listing activity versus an increase in sales. And in fact, despite the fact that listed inventory levels in San Francisco have been up over 30 percent on a year-over-year basis over the past three months, the number of single-family homes and condos in contract across San Francisco dropped another 4 percent over the past two weeks is now down 34 percent on a year-over-year basis versus closer to 14 percent nationally in May.

And with the drop over the past week, home sales in San Francisco have been down on a year-over-year basis for 34 straight weeks, with an average year-over-year drop of 19 percent since the start of the year and 30 percent over the past month.