San Francisco

Despite improving affordability conditions, U.S. existing-home sales declined 8.4% to a seasonally adjusted annual rate of 3.91 million, a 4.4% drop from one year earlier, according to the National Association of REALTORS® (NAR). The slowdown followed a 5.1% increase the previous month and modest gains throughout the fall. Sales retreated month-over-month and year-over-year in all four regions.

New Listings were down 12.1 percent for single family homes and 12.3 percent for Condo/TIC/Coop properties. Pending Sales increased 0.6 percent for single family homes and 11.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 23.5 percent to $1,976,000 for single family homes and 8.4 percent to $1,220,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 35.7 percent for single family units and 43.2 percent for Condo/TIC/Coop units.

Nationally, the median existing-home price inched up 0.9% year-over-year to $396,800, a new high for the month, NAR reported. Home prices have continued to rise across much of the country, in part due to low supply, which remains below pre-pandemic levels. Total housing inventory stood at 1.22 million units as of the most recent reading, up 3.4% from one year earlier, representing a 3.7-month supply at the current sales pace.