Real Estate Market Update for August 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
As is typical, July saw the usual summer slowdown and August looks to be similarly quiet in the market, unlike last year when a sudden drop in interest rates sparked buyer demand in August. Economic indicators have not changed much from recent months, with interest rates hovering around 7% and inflation cooling slightly. As the fall market approaches, we do anticipate seeing more listings and activity in the market after Labor Day.
House Price Trends
Year over year, median house sales prices in July were down about 16% from July of 2022.
Condo Price Trends
Median condo sales prices in July were down about 7% compared to July of 2022.
New Listings Coming on Market
New listing volume in July was down 17% compared to July of 2022. 71.5% of new listings as of August 1 were condos, co-ops and TICS.
Listings Accepting Offers
Price Reductions on Active Listings
Sales Over List Price
On average, houses continue to sell well above asking price and condos are selling slightly below.
Average Days on Market
Houses continue to see lower average days on market readings than condos, but both have dropped since the start of the year.
Mortgage Interest Rate Trends
Mortgage rates have been hovering near 7% in the past few weeks and there are no indications the rates will change significantly any time soon.
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.
