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August 11, 2023

SF: August 2023 Market Stats

By Compass

Generally speaking, the market slowed in July, a common seasonal trend, and August is usually one of the quietest months of the year - though last year, a sudden, but short-lived drop in interest rates kindled buyer demand in August. Underlying economic dynamics - interest rates, inflation, financial markets, employment - remain on the same general tracks as in recent months.

The Consumer Confidence Index jumped in July, hitting its best reading since October 2021: The Index is now about halfway between its historic low in June 2022 and the pre-pandemic reading in February 2020.* 

Across Bay Area counties, the year-over-year (y-o-y), 3-month-rolling, median home sales price declines that commonly began in the second half of 2022 and peaked in spring have begun to drop. Based on current trends, they will probably continue to dwindle, and perhaps disappear, in the second half of the year.

The number of homes coming on the market in the 7 counties of the San Francisco & San Jose Metro Areas during the past 12 months dropped 32% from the previous 12-month period: 22,000 fewer properties were put up for sale. ** Along with the recovery in buyer demand and improvements in the general economy, this has been a defining factor in 2023's market conditions.

It is not unusual to see a substantial autumn spike up in SF listing and sales activity after Labor Day, lasting through late October or early November, before the market subsides for the big, midwinter holiday slowdown, which typically lasts until early in the new year.

Included are charts reviewing both annual home prices for a broad review of appreciation trends, and then 3-month-rolling prices for insight into shorter-term changes. This report also includes a review of home prices and market dynamics of districts within the city.

*University of Michigan Consumer Sentiment Index 
**Per Realtor.com research data library for U.S. metro areas.

San Francisco Median House Prices Median House Sales Price by Year, 1993 - Present*San Francisco HOUSE Price Trends since 1990.Monthly Median House Sales Prices, 3-Month RollingBay Area Median House Sales Price Declines by County Year-over-Year Comparisons, 3-Month-Rolling Median Sales Prices*San Francisco HOUSE Sales Statistics Spring-Summer 2023 Market, 4 Months Sales*San Francisco Median Condo Prices Median Condo Sales Price by Year, 1993 - PresentSan Francisco CONDO Price Trends since 2005.Median Condo Sales Price, 3-Month RollingSan Francisco CONDO Sales Statistics Spring-Summer 2023 Market, 4 Months Sales*Overbidding List Prices in San Francisco Percentage of Home Sales Closing over List Price, since 2018Average Sales Price to Original List Price Percentage San Francisco Over/Under Bidding: Market Dynamics & SeasonalityAverage Days on Market - Speed of Sale San Francisco Market Dynamics & SeasonalityBay Area Home Sales 12 Months, Number of Sales by County*Bay Area Median Statistics: Large, Luxury Houses Spring-Summer 2023 Update: 5+ Bedroom/4+ Bath/3000+ So.Ft.*Bay Area Median House Values by County Spring-Summer 2023 Update: By Bedroom/Bath Count*Bay Area Median Home Values by County Spring-Summer 2023 Update: By Property Type & Bedroom/Bath Count*New Listings Coming on Market.San Francisco Market Dynamics & SeasonalitySan Francisco Homes Market Active & Coming-Soon Listings on 1st of Month*Active Listings on Market - Longer-Term TrendsListings Pending Sale (in Contract, Offer Accepted)San Francisco Higher-Price Home Sales* Homes Selling for $3 Million+ & $5 Million+Price Reductions on Active ListingsMortgage Interest Rates, Long-Term Trends since 1976 30-Year Conforming Fixed-Rate Loans, Weekly Average ReadingsInflation: Consumer Price Index, 1982 - 20233-Month-Rolling Average, Year-over-Year % Change, Long-Term TrendsS&P 500 Stock Index, since 1994* January Opening Values except as specifiedSan Francisco Bay Area Unemployment Selected Bay Area Counties, 2019-2023Federal Funds Interest Rate since 1981 & Economic Interventions by Federal Reserve Bank*

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