The net number of single-family homes and condos on the market in San Francisco effectively held at a 13-year seasonal high over the past week as a slowdown in the pace of sales was matched by a drop in new listing activity.
As such, there are now 5 percent more homes on the market than there were at the same time last year, 45 percent more inventory on the market than average for this time of the year, 75 percent more inventory than in 2019, and 140 percent more homes on the market than there were in late April of 2015.
At the same time, the average asking price per square foot of the homes on the market in San Francisco ticked down another percent over the past week to its lowest level since the end of last year and 14 percent below peak, despite (mis)reports of a “surging” market, with the benchmark 30-year mortgage rate continuing to climb and the expected value of additional rate cuts this year having tumbled, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.