SF: May 2024 Market Stats

Home prices, sales volume, luxury sales, the number of new listings, and overbidding - all increased as the market moved deeper into spring. But not every listing sells: Price reductions also rose in April.  Preparing, pricing and marketing the home properly still matter.

This report also includes breakouts of home values and market conditions in neighborhoods & Realtor districts within the city.

Inflation & interest rates: The general inflation reading for March - released in April - unexpectedly ticked up to 3.5%, significantly higher than the Fed's goal of 2%. This caused mortgage interest rates to climb back above 7% - though remaining well below rates seen last fall. Speculation as to what the Fed may or may not do with its benchmark rate has been shifting for months from optimistic (will cut rates, perhaps several times in 2024) to pessimistic (won't cut rates this year), back and forth, with the release of each new economic indicator. For the time being, the Fed has been standing pat, as it has since August. In any case, buyers and sellers seem to be taking the recent rise in interest rates in stride, and moving forward with life plans.

If you have any questions or want to talk more about local market statistics, please don't hesitate to reach out. I'd be happy to grab a coffee or chat via phone. 

Thank you,
Shannon