Real Estate Market Update for June 2024
What’s New in San Francisco Real Estate
Analytics and charts from Compass
As the spring market begins to wind down, activity in May is evidence of a rebalance from last year. Year over year, 2024 YTD home sales volume was up about 12% from 2023. The median house sales price hit its highest value since mid-2022 and average days on market were at their lowest in 12 months. New listings tend to taper off as the market slows down in the summer. Even with uncertainty about a reduction in interest rates, signs still point to a busy fall market.
Home Sales Volume
The number of sales in May rose to its highest monthly level since mid-2022, up 16% compared to May of 2023.
Home Value Trends
Year-to-Date Median Home Sales Prices
Generally speaking for the first five months of the year, 2022 saw the peak and end of the pandemic boom, while 2023 saw a significant decline in values, and 2024 is seeing a rebound (more for single family homes than for condos).
House Market Dynamics
The median house sales price in May was up 7% compared to May 2023, and at its highest since the summer of 2022.
Condo Market Dynamics
The median condo sales price in May was down just over 1% compared to May of 2023.
Home Sales Trend by Segment
The number of home sales so far this year is up 12% compared to the same time period in 2023.
New Listings
New listings in May 2024 dropped 4% compared to the previous year. As is typical, we expect to see new listing activity decline as the summer months approach.
Active and Coming Soon Listings
Of listings for sale on June 1, 27% were houses and 73% were condos, co-ops, TICs, and townhouses.
Listings Accepting Offers
The absorption rate in May 2024 was 40% for houses and 19% for condos, reflecting the ongoing higher demand for single family homes.
Average Days on Market
Houses continue to sell significantly faster than condos.
Overbidding List Prices
The percentage of homes selling over list in May was 62%, the highest since mid-2022, with 82% of houses and 44% of condos selling over list.
Average Sales to List Price
In May, houses averaged a sales price almost 13% over asking while condos averaged a sale price just slightly above asking.
Price Reductions
Year over year, the number of price reductions in May 2024 was down 6%.
Mortgage Interest Rates
Per Freddie Mac, as of June 6, 2024, the weekly average 30-year conforming loan interest rate dropped down to 6.99%.
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.
