Real Estate Market Update for July 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
While market and economic dynamics this year have been a mixed bag, sales activity and home prices have recovered this spring, but remain markedly lower than the market peak in the spring of 2022. Market conditions in the city vary most by property type, with houses continuing to see greater demand, and neighborhood, with the downtown market remaining weaker. The spring market is traditionally the most active and we are seeing a rebound in buyer activity, hopefully a positive sign leading up the fall market.
House Price Trends
The second quarter of 2023 saw median house sales prices down about 20% from the market peak in Q2 of 2022.
Condo Price Trends
Median condo sales prices were down 11.5% in the second quarter of 2023 from the market peak in Q2 of 2022.
New Listings Coming on Market
New listing volume was down 32% in June compared to the previous year. Of the listings for sale as of July 1, 71% were condos, co-ops and TICs, and 29% were houses.
Listings Accepting Offers
Price Reductions on Active Listings
Sales Over List Price
Houses continue to sell well above list price and condos slightly below. In June, 70% of houses sold over list while 37% of condos, co-ops and TICs sold over list.
Average Days on Market
Houses continue to have significantly lower days of market averages compared to condos, but both are steadily decreasing, reflecting the lower inventory and increasing buyer demand.
Mortgage Interest Rate Trends
With persistent inflation and the economy holding steady, mortgage rates recently increased to their highest rate this year so far. As of July 13, the weekly average 30-year interest rate was 6.96%. But with the June inflation report indicating a decrease in the CPI, daily average rates for 30-year fixed-rate loans immediately dropped nearly a quarter point.
The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information.
