What’s Happening in the Market? July 2024 Update

July 23 2024

0 Jane

What's Happening In The Market?
July Updates

Please note: this SFAR data is for June 2024

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

New Listings were down 9.2 percent for single family homes and 6.7 percent for Condo/TIC/Coop properties. Pending Sales increased 12.4 percent for single family homes and 19.1 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 2.5 percent to $1,640,500 for single family homes but decreased 1.6 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 20.0 percent for single family units but was up 7.5 percent for Condo/TIC/Coop units.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.

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 June 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. With the recent influx of Generation AI companies hiring locally the property showings have increased dramatically. So, keep your referrals coming! It is a Great time to Buy; You can refinance later!

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 to Change in July 2024

The National Association of Realtor’s (NAR) settlement agreement, will go into effect in July 2024, will no longer allow agents to publish the commission in the MLS listing. That rate would 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 -