The number of homes on the market in San Francisco jumped another 12 percent over the past week and is poised to keep climbing for at least another month, with properties that failed to sell in 2023 re-listed anew and sidelined sellers that were waiting for mortgage rates to drop getting flushed out.
And while 4 percent lower than at the same time last year, driven by a drop in turnover which is poised to reverse, listed inventory levels in San Francisco are still 40 percent higher than average for this time of the year, over 60 percent higher than prior to the pandemic and over twice as high as in January of 2015, which continues to drive prices down, even in the established neighborhoods of San Francisco.
I’m almost sad not to see the usual appendage “…which shouldn’t catch any plugged-in readers by surprise.”