The net number of homes on the market in San Francisco, including both condos and single-family homes, ticked up 10 percent over the past week but was still down 11 percent on a year-over-year basis, with last year’s pace having been down over 40 percent from the year before (2021).
And in fact, pending home sales in San Francisco remain at their lowest point, on a seasonally adjusted basis, in over six years.
At the same time, the average asking price per square foot of the homes which are in contract has inched back over $900 per square foot but remains down 10 percent from last year’s peak and 8 percent lower than at the same time last year, despite an 8 percent drop in inventory, none of which should catch any plugged-in readers by surprise.