With the number of single-family homes and condos in contract to be sold across San Francisco having dropped to its lowest level in over 7 years on a seasonally adjusted basis last week, the number of homes on the market (i.e., inventory) ticked up another 3 percent and is now effectively even with the same time last year and approaching a 12-year seasonal high.

At the same time, despite some misreports of a “market rebound!” or “pivot” making the rounds last month, the average asking price per square foot of the homes on the market in San Francisco, which dropped back under $1,000 per square foot last year, ticked down another 2 percent over the past two weeks and is now 4 percent lower than at the same time last year and over 10 percent below its early 2022-era peak.

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