What’s Happening In The Market?
Please note: this data is for May 2020
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
New Listings were down 33.8 percent for single family homes and 7.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 41.5 percent for single family homes and 58.9 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 3.3 percent to $1,630,000 for single family homes and 10.8 percent to $1,110,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 15.4 percent for single family units and 43.3 percent for Condo/TIC/Coop units.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview