The pace of home sales in San Francisco, which had ticked up in May, has since dropped on both an absolute and seasonally adjusted basis, with around 30 percent fewer single-family homes and condos now in contract than at the same time last year and the fewest homes in contract, for this time of the year, in over six years.
At the same time, the average asking price per square foot of the homes which are in contract is now hovering around $925 per square foot, which is 6 percent lower than at the same time last year and 5 percent below the average asking price of the homes on the market, none of which should catch any plugged-in readers by surprise.