The following is adapted from the February 2023 Monthly Indicators report published by the San Francisco Association of REALTORS®.
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50 – 4.75 percent, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading Pending Sales to increase 8.1 percent month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing home sales declining for the twelfth consecutive month, according to the National Association of Realtors®.
In San Francisco, year-over-year, New Listings were down 40.3 percent for Single-Family homes and 40.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 39.5 percent for Single-Family homes and 25.8 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 25.4 percent to $1,440,000 for Single-Family homes and 6.3 percent to $1,150,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 16.7 percent for Single-Family units but remained flat for Condo/TIC/Coop units.
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.
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
