What's Happening In The Market?
Please note: this SFAR data is for August 2020
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings were down 15.8 percent for single family homes but increased 41.3 percent for Condo/TIC/Coop properties. Pending Sales increased 48.3 percent for single family homes and 45.8 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 3.3 percent to $1,656,000 for single family homes but decreased 2.9 percent to $1,244,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 28.6 percent for single family units and 115.6 percent for Condo/TIC/Coop units.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview