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.

Comments from Plugged-In Readers

  1. Posted by Gee Ess

    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.

    • Posted by sf

      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.

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