SF: June 2024 Market Stats

Report Highlights

• The 3-month-rolling median house sales price in May, at $1,735,000, hit its highest value since mid-2022. The median condo sales price, $1,135,500, declined about 1% year over year.
• Year over year, 2024 YTD home sales volume was up about 12% from 2023, while luxury home sales of $5 million+ soared 62%.
• 82% of house sales and 44% of condo sales sold for over asking price in May.
• House sales averaged a sales price almost 13% over the asking price, while condos averaged a sale price about a half percent higher than the asking price. Both were the highest percentages since mid-2022.
• Average days on the market were the lowest in 12 months.

30-year-loan interest rates hovered around 7% in May and early June, which many buyers and sellers have clearly come to accept as the new normal. (And an estimated 30% to 40% of national homebuyers have been paying all cash.) Stock markets once again hit new all-time highs, with a substantial effect on household wealth. It is not unusual for home listing and sales activity to slow in summer.