SF: August 2026 Market Stats

Housing Market Report

August marked a broad seasonal cooling across the Bay Area. Closings declined year over year in 13 of 14 counties and month over month in 12, while months of supply increased from July in 13 counties. The shift reflects the typical late-summer slowdown as the market transitions from the spring/summer peak toward the fall market peak.

Competition remained stronger than a year ago. The share of sales closing above list increased year over year in all 14 counties, while average days on market improved in 11. Price reductions increased in 10 counties, consistent with the seasonal rise in listing adjustments as the market moves toward fall and winter.

Single-family homes continued to show stronger market conditions than condos. Single-family closings fell year over year in nine counties but increased in five, and days on market declined in 13. The share of sales closing above list increased across every county. By contrast, condo price reductions increased in 12 counties, while condo days on market rose in six - signaling a more uneven recovery.

Condo momentum appears to be moderating after a strong summer. The condo median increased year over year in six counties and declined in eight, while the share of condos selling above list rose in only eight. August is the first month of data following new condo lending regulations, so it is too early to determine whether the slowdown reflects the regulations or the normal late-summer seasonal pattern.

San Francisco remains the regional standout. Condo sales increased 11% year over year to 214, the condo median rose 22% to $1.23 million, and active condo listings fell 36%. San Francisco was the only county where condos showed both meaningful price and closed transaction growth.

September watch: The strongest appreciation outside San Francisco was concentrated north of the city, with Marin posting the region's second-highest year-over-year gain. Condo sales and pricing will be closely watched to determine whether August's slowdown is temporary or the beginning of a broader shift. The performance of smaller versus larger condo buildings will also be important, particularly as the impact of the new lending regulations becomes clearer. Atherton's nearly $10 million increase in its median price, driven by a few high-value sales, will be another notable test of whether recent gains will be sustained.

San Francisco Recap

Sales: 150 single-family homes closed, down 9% YoY and 16% MoM. Condo closings rose 11% YoY to 214 but fell 25% from July.

Prices: Single-family median increased 24% YoY to $1.855M, while the condo median rose 22% to $1.233M. Price per square foot increased 19% for both.

Competition: 85% of single-family sales closed above list, up 18 points YoY—the largest gain in the report. Condo overbidding rose 31 points to 54%.

Speed: Single-family days on market fell from 30 to 21 days, while condos improved from 60 to 44 days.

Inventory: Combined active listings plunged 35% YoY to 570 despite a 10% increase in new listings. Single-family actives fell 31% and condos 36%.

Single-family: Listings in contract increased 6% to 169 versus only 157 active listings. Absorption reached 108%, while months of supply fell to just 1.0.

Condos: Absorption improved 21 points to 56%, and months of supply declined from 3.3 to 1.9.

MoM: Total closings fell 21%, the largest decline among the counties, but new listings rose 7% and contracts increased 8%. Single-family absorption jumped 17 points.

Bottom line: San Francisco remains the most competitive market in the group. Extremely limited inventory is constraining single-family sales despite strong demand, while condos have also tightened substantially year over year.