Dear Clients,
I hope this email finds you well. As part of our commitment to keeping you informed about the latest trends in the real estate market, we are pleased to share the
June 2024 San Francisco Market Update.
In June, U.S. existing-home sales declined for the third consecutive month, primarily due to higher mortgage rates and rising sales prices, which have dampened market activity during what is typically one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes fell by 0.7% month-over-month and 2.8% year-over-year, resulting in a seasonally adjusted annual rate of 4.11 million units.
In San Francisco specifically:
- New listings were down by 9.2% for single-family homes and 6.7% for Condo/TIC/Coop properties.
- Pending sales showed a positive trend, with a 12.4% increase for single-family homes and a 19.1% rise for Condo/TIC/Coop properties.
- The median sales price for single-family homes increased by 2.5% to $1,640,500, while for Condo/TIC/Coop properties, it decreased by 1.6% to $1,100,000.
- The months supply of inventory saw a 20.0% decrease for single-family units but increased by 7.5% for Condo/TIC/Coop units.
On a national level, the total housing inventory grew by 6.7% month-over-month to 1.28 million units as we entered June, providing a 3.7 months’ supply at the current sales pace. Despite the increased supply, home prices have continued to rise across the country. The median existing-home price reached $419,300, marking a 5.8% increase from the same period last year and setting a record high for the month.
We hope you find this information helpful. Should you have any questions or need further insights into the current market conditions, please do not hesitate to reach out.
Kind regards,
Nick Johnson, Realtor
CaDRE#01419663
(415) 264-4789
nick.johnson415@gmail.com
www.NickKnowsRealEstate.com
Coldwell Banker
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