Please note: this data is for December 2019
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings were down 40.2 percent for single family homes and 45.1 percent for Condo/TIC/Coop properties. Pending Sales decreased 8.3 percent for single family homes but increased 3.4 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 2.8 percent to $1,450,000 for single family homes but increased 4.2 percent to $1,219,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 33.3 percent for single family units and 25.0 percent for Condo/TIC/Coop units.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview