Having dropped to a seven-year low in the absolute earlier this month, despite the average 30-year mortgage rate having dropped a full point, the number of homes in contract to be sold across San Francisco has since ticked up a few points, as is typical for this time of the year, but remains 5 percent lower than at the same time last year and 60 percent lower than three years ago, with the average asking price per square foot of the homes on the market down over 10 percent from peak and inventory levels poised to jump, none of which should catch any plugged-in readers by surprise.

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