San Francisco

U.S. existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS® (NAR). Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast, and South but rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the South and Midwest.

New Listings were down 16.9 percent for single family homes but increased 0.4 percent for Condo/TIC/Coop properties. Pending Sales increased 2.4 percent for single family homes and 21.4 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.3 percent to $1,637,375 for single family homes but decreased 11.9 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 20.0 percent for single family units and 26.2 percent for Condo/TIC/Coop units.

Nationally, the median existing-home sales price rose 2.0% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.