Real Estate Market Update for November 2023
What’s New in San Francisco Real Estate
Analytics and charts from Compass
The fall market was impacted by global conflict, falling stock markets and interest rates jumping to their highest point in 23 years. On November 1st, the October jobs report came out, the Fed extended their pause on raising its benchmark rate, and the Treasury Department issued revised guidance pertaining to upcoming bond sales. As a result, by November 3rd, stock markets had logged their best week of the year, and interest rates saw a near-record decline. It’s too early to speculate on how these shifts will play out in the coming weeks and months, but, hopefully, rates will continue to normalize and consumer confidence will continue to recover into the new year.
Home Sales Volume and Prices
The housing market typically slows down for the holidays in mid-November, with listing and sales activity declining to annual lows.
House Price Trends
Year-over-year, the median house sales price in October 2023 was down a little more than 2%.
Condo Price Trends
Year-over-year, the median condo sales price in October 2023 was down a little more than 3%.
New Listings Coming on Market
While we saw a big increase in listings in September, the number of new listings in October dropped significantly and is well below the past few years.
As of November 1, of the 1,429 listings for sale, 31% were houses and 69% were condos, co-ops, TICs, and townhouses.
Price Reductions on Active Listings
Price reductions typically peak in October before the mid-winter slowdown begins in November. So far, this year is no exception.
Overbidding List Prices
Overbidding was down significantly this year compared to the fall market last year.
On the average, houses are selling 7% above asking price and condos are selling about 2% below asking.
Days on Market
Mortgage Interest Rate Trends
The 30-year fixed-rate mortgage paused its multi-week climb and dropped slightly as November kicked off. As of November 9, Freddie Mac reported the average rate for a 30-year loan at 7.5%.
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.
