Please note: this data is for October 2019
In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
New Listings were down 20.2 percent for single family homes and 12.0 percent for Condo/TIC/Coop properties. Pending Sales decreased 4.0 percent for single family homes but increased 2.1 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 3.1 percent to $1,650,000 for single family homes and 9.1 percent to $1,325,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 13.8 percent for single family units but was up 3.0 percent for Condo/TIC/Coop units.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview