Real Estate Market Update for July 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The second quarter of the year saw home sales rising 9% year over year. Overbidding percentages hit their highest levels and average days on market hit their lowest levels in two years. The number of price reductions also declined year over year. While mortgage rates continue to hover just below 7%, forecasters are still projecting we will see the Fed reduce the benchmark rate this year. In June, inflation cooled to the slowest pace since 2021, and the core consumer price index (excluding food and energy) climbed 0.1% from May, the smallest advance in three years.
Home Sales Volume
Home sales in Q2 2024 rose 9% from Q2 2023, with 48% of those sales being houses, and 52% were condos, co-ops, and TICs. However, looking at long term trends back to 2005, overall sales volume remains very low.
Home Value Trends
The median price per square foot for homes continues to be higher than for condos.
New Listings
New listings in Q2 were up 4% year over year. The number of new listings in June dropped, as is typical for the summer months. Inventory usually picks up in September for the fall market.
Active and Coming Soon Listings
As of July 1, 2024, of the listings for sale, 26% were houses and 74% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
The number of listings going into contract this spring was the highest it has been since the spring of 2022.
Average Days on Market
Days on market for both houses and condos was lower in Q2 2024 compared to 2023. Houses continue to sell much more quickly than condos.
Overbidding List Prices
76% of house sales and 41% of condo sales in Q2 2024 sold for over list price, an increase of 8% from Q2 2023.
Average Sales to List Price
Houses saw an average of 113% sales price to list price in Q2 2024.
Price Reductions on Active Listings
The number of price reductions in June 2024 was down 10% year over year.
House Market Dynamics
The Q2 2024 median house sales price was up 6% compared to 2023.
Condo Market Dynamics
The Q2 2024 median condo sales price was down about 2.5% compared to 2023.
Mortgage Interest Rates
As of July 5, the daily average rate for a 30-year fixed-rate loan was 7.03%. As of July 20, the 30-year mortgage rate fell to its lowest level in four months with an average rate of 6.77%.
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.
