New construction sales softened in San Francisco and Seattle after an unusually strong Summer. Strong sales in June, July, and August may have been driven by attractive pricing and aggressive absorption goals at Lumina, The Harrison, and One Mission Bay.
The differential between new condominium prices and average resale prices is unusually low in San Francisco and Downtown Los Angeles. This may represent a buying opportunity for prospective homeowners considering new condominiums.
Resale inventory has experienced a typical seasonal uptick in all major markets except Downtown Los Angeles, where it remains extremely low.