The net number of single-family homes and condos on the market in San Francisco ticked down 4 percent over the past week, versus typically ticking up by the same amount, and is now running 10 percent lower than at the same time last year.

That being said, the tick down was from a seasonally adjusted 10-year high and wasn’t driven by a surge in sales, the pace of which remains over 40 percent lower than at the same time last year, but rather a continued decline in the pace of new listing activity, driven by sellers that are either unable or unwilling to accept a drop in the values that buyers are either able or willing to pay, none of which should catch any plugged-in readers by surprise.

In addition, while overall inventory levels are down 10 percent on a year-over-year basis, there are actually 25 percent more single-family homes on the market than there were at the same time last year and the most single-family homes, in the absolute on a seasonally adjusted basis, in over 10 years.

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