Despite a 20 percent drop in new listing activity over the past week, the net number of homes on the market in San Francisco only ticked down 6 percent as the pace of sales, which dropped to a lower six-plus-year low last month, continued to slow.

As such, there are only 3 percent fewer homes on the market than there were at the same time last year, which is down from a 20 (plus) percent year-over-year deficit back in July, with 40 percent more homes on the market than average for this time of the year, over 40 percent more than there were prior to the pandemic, and over twice as many as there were in 2015, despite misreports of “record low inventory levels” and subsequent misanalyses of the market that appears to have led some seriously astray.

At the same time, the percentage of active listings that have been reduced at least once having ticked up another 2 points to 39 percent and should continue to climb through the end of the year, along with an uptick in unsold properties being withdrawn from the MLS, most of which are likely to return anew in the spring, none of which should catch any plugged-in readers by surprise.

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