For the third month in a row, and following a trend we first noticed emerging last year, the price index for new construction condominiums in San Francisco, as compiled by The Mark Company, has dropped on a month-over-month basis and is now running 11 percent lower versus August 2015.
At the same time, while the inventory of unsold units in new developments across the city (1,100) is now running nearly 60 percent higher on a year-over-year basis, new condo sales in San Francisco totaled around 60 last month, down 5 percent versus the same time last year.
And despite the uptick in available inventory, the overall pace of new construction sales in San Francisco is running 34 percent lower in 2016 versus the first eight months of 2015.