According to the National Association of REALTORS®, existing-home sales across the country slipped 1.0 percent from last month and were down 6.2 percent year-over-year. Meanwhile, pending sales jumped 8.3 percent from December, marking the largest gain since June 2020. Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork. NAR forecasts a 13 percent increase in existing-home sales this year compared to 2023.
In San Francisco, year-over-year, New Listings were up 9.5 percent for Single-Family homes and 1.2 percent for Condo/TIC/Coop properties. Pending Sales increased 32.2 percent for Single-Family homes and 47.2 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 15.2 percent to $1,575,000 for Single-Family homes and 8.7 percent to $1,087,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 7.7 percent for Single-Family units but was up 11.1 percent for Condo/TIC/Coop units.
Nationwide, the persistent shortage of housing supply has helped prop up home values nationwide. Total unsold inventory was at 1 million units heading into January, an 11.5 percent decline from the previous month. Listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
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
