Pace of Home Sales in San Francisco Slips, Prices Too – SocketSite

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The pace of home sales in San Francisco ticked up in May, as we outlined at the time, ending the month with just over 30 percent fewer single-family homes and condos in contract than at the same time last year, versus an average of 40 percent fewer homes in contract across the first quarter of this year.
Having dropped under 30 percent in the first half of June, however, the year-over-year decline in the number of homes in contract to be sold in San Francisco ticked back up over the past week to around the 30 percent mark, with the fewest homes in contract, in the absolute, since March and the slowest pace of sales on a seasonally adjusted basis, once again, in over six years.
At the same time, the average asking price per square foot of the homes which are in contract is now hovering around $900 per square foot, which is 7 percent lower than at the same time last year and 10 percent lower than in May of last year, having ticked down another percent over the past week. We’ll continue to keep you posted and plugged-in.
It is only fair to mention that fewer sales activity is due, in part, to less supply. Fewer homeowners with low-interest mortgages can afford to move. North of the Golden Gate, pricing hasn’t fallen off a cliff.
Speaking of supply: Number of Homes on the Market in San Francisco Inches Up.

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