San Francisco

 

Market Update

 

SEPTEMBER 2024

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

New Listings were up 2.9 percent for single family homes but decreased 3.4 percent for Condo/TIC/Coop properties. Pending Sales increased 15.5 percent for single family homes and 27.6 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.8 percent to $1,625,000 for single family homes and 6.7 percent to $1,120,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 29.0 percent for single family units and 11.1 percent for Condo/TIC/Coop units.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

MARKET SNAPSHOT

Single Family

Sold Listings
+ 2.8% from September 2023
Avg. Sales Price
$
- 2.8% from September 2023
Avg. Days on Market
- 10% from September 2023
List Price Ratio
%
+ 4% from September 2023

MARKET SNAPSHOT

Condo

Sold Listings
- 13% from September 2023
Avg. Sales Price
$
- 1.2% from September 2023
Avg. Days on Market
+ 9.3% from September 2023
List Price Ratio
%
+ 3% from September 2023

Current as of October 11, 2024. All data from the San Francisco Association of REALTORS® MLS. Report InfoSparks © 2024 ShowingTime.