SF House & Condo/TIC/Coop Market Metrics, May 2022

Jun 13, 2022

The following is adapted from the May 2022 Monthly Indicators report published by the San Francisco Association of Realtors.

After two years of record-setting activity, there are signs the housing market might be cooling. High home prices and a surge in mortgage interest rates are slowing buyer activity, with home sales declining for the third consecutive month under the weight of soaring homeownership costs. The National Association of REALTORS® (NAR) reports existing home sales were down 2.4 percent from the previous month, while pending sales fell 3.9 percent as of last measure, extending the trend of recent months. Economists predict sales will continue to soften in the near future, which may put downward pressure on home prices.

In San Francisco, year over year, New Listings were down 24.8 percent for single-family homes and 30.4 percent for Condo/TIC/Coop properties. Pending Sales decreased 22.5 percent for single-family homes and 29.3 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 6.8 percent to $2,015,000 for single-family homes but decreased 0.2 percent to $1,225,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 32.0 percent for single-family units and 15.9 percent for Condo/TIC/Coop units.

The slowdown in sales has provided a much-needed lift to housing supply, with inventory up 10.8 percent from the previous month according to NAR, although supply remains down 10.4 percent compared to this time last year, with only 2.2 months’ supply of homes at the current sales pace. As the nation continues to explore ways to solve the ongoing housing shortage, estimated at 5.5 million homes, the Biden administration recently unveiled the Housing Supply Action Plan, which aims to expand housing access through a number of administrative and legislative actions and help relieve the nation’s housing crisis over the next 5 years.

DISTRICT 1

Central Richmond, Inner Richmond, Jordan Park / Laurel Heights, Lake Street, Lone Mountain, Outer Richmond, Sea Cliff

DISTRICT 2

Central Sunset, Golden Gate Heights, Inner Parkside, Inner Sunset, Outer Parkside, Outer Sunset, Parkside

DISTRICT 3

Ingleside, Ingleside Heights, Lake Shore, Lakeside, Merced Heights, Merced Manor, Pine Lake Park, Stonestown

DISTRICT 4

Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park

DISTRICT 5

Buena Vista / Ashbury Heights, Clarendon Heights, Cole Valley / Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley / Dolores Heights, Glen Park, Haight Ashbury, Mission Dolores, Noe Valley, Twin Peaks

DISTRICT 6

Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition

DISTRICT 7

Cow Hollow, Marina District, Pacific Heights, Presidio Heights

DISTRICT 8

Downtown, Financial District, Nob Hill, North Beach, North Waterfront, Russian Hill, Civic Center, Telegraph Hill, Tenderloin

DISTRICT 9

Bernal Heights, Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach, South of Market, Yerba Buena

DISTRICT 10

Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Mission Terrance, Outer Mission, Portola, Silver Terrace, Visitacion Valley