What’s Happening in the Market? August 2024 Update

August 19 2024

0 Jane

What's Happening In The Market?
August Updates

Please note: this SFAR data is for July 2024

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

New Listings were up 3.2 percent for single family homes but remained flat for Condo/TIC/Coop properties. Pending Sales increased 40.5 percent for single family homes and 36.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 10.3 percent to $1,600,000 for single family homes and 10.0 percent to $1,249,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 26.3 percent for single family units and 5.0 percent for Condo/TIC/Coop units.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

San Francisco Condo/TIC/Coop Activity Overview

District 9: Central East Activity Overview

FOR THE FULL REPORT - CLICK HERE!

Sub-District 9 Statistics

Based on July SFARMLS month over month data.

Welcome!

For Condos, both for sale and for lease, in the South of Market Area and Mission Bay it's a buyer's market. So, keep your referrals coming! It is a GREAT time to buy with the new lower rates!

Real Estate Loans Update:
The Federal Housing Finance Agency (FHFA) conforming loan limits increase to $766,550 in 2024. Up 5.5% compared to the current limit of $726,200. This is positive for first time home buyers coupled with the recent decrease in mortgage rates. The seller can buy down the loan interest rate for the buyer or contribute to the closing costs.

Please call me any time for information about the neighborhood or current market conditions. I look forward to working with you!

CA Real Estate Change

The National Association of Realtor’s (NAR) settlement agreement, is in effect. The buyer's agent compensation will be established during negotiations.

Previously, the buyer’s and seller’s agents would split the commission. Going forward:

the Buyer will pay their agent
the Seller will pay their agent

Read my most recent testimonial:

I am thrilled to share my extraordinary experience working with Jane Hopkins, a truly exceptional real estate agent who transformed my condo into a modern masterpiece. From the moment we began, Jane demonstrated an unparalleled vision and dedication that redefined my property.

What started as a condo with outdated shag carpet and faux plaster walls was meticulously reimagined into a sleek, elegant space featuring white engineered floors and smooth white walls. This remarkable transformation extended to two bathrooms and a kitchen, all upgraded to reflect contemporary style and sophistication.

Navigating the sale of my condo during a challenging real estate market with interest rates at 7% and concerns about the future of San Francisco's South of Market area was no small feat. However, Jane’s patience, perseverance, and expert negotiation skills ensured that we successfully closed the sale despite multiple challenging offers.

If you are considering buying or selling a property, I wholeheartedly recommend Jane. Her visionary approach, professionalism, and unwavering commitment to her clients make her the ideal partner in any real estate endeavor. Working with Jane was an absolute pleasure, and I am confident she will exceed your expectations just as she did mine.

- C.F., Seller -