At a time of the year when home sales typically start ramping up, the net number of homes in contract to be sold across San Francisco was unchanged over the past week and is now 41 percent lower than at the same time last year, which remains right in-line with purchase activity nationally.

In fact, pending homes sales in San Francisco are at their lowest levels in over six years on a seasonally adjusted basis and the average price of the homes which are in contract has dropped back under $900 per square foot, which is 10 percent lower than at the same time last year and 11 percent lower than last May.

At the same time, inventory levels have started ticking up.

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