Pending Home Sales in San Francisco Down Nearly 50 Percent
October 11, 2022
While the net number of homes on the market in San Francisco, i.e., inventory, has been up an average of 26 percent on a year-over-year basis over the past three months, the number of homes in contract to be sold is now down 47 percent on a year-over-year basis and dropping.
In fact, pending home sales activity in San Francisco is now the lowest it’s been on a seasonally adjusted basis in over six years, with the average price per square foot of the homes which remain on the market 4 percent lower than at the same time last year, and dropping, and a third of said listings having been reduced at least once.
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Speaking of reductions: Dolores Park “Light House” Condo Now Listed for a Million Less
With mortgage rates having skyrocketed, it’s now like 1.5-2x as expensive to finance the same thing as it was six months ago. I mean, we should be expecting a MASSIVE chill here, right? And then it will take some time for the price action to play out, as many would-be sellers won’t sell unless they have to.
I’ve noticed pre-foreclosures have been popping up on Zillow a lot more often lately, and I’ve been Zillow-hunting for many months now.