Having hit a 13-year seasonal high last month, the net number of single-family homes and condos on the market has since ticked up another 13 percent with new supply having outpaced demand, despite continued misreports of “low inventory” levels and a “surging” market.

As such, there are now 8 percent more homes on the market than there were at the same time last year, with 20 percent more inventory on the market than prior to the pandemic, 60 percent more inventory on the market than average for this time of the year, and 150 percent more homes on the market than there were in April of 2015.

At the same time, the average asking price per square foot of the homes on the market in San Francisco remains lower than at the same time last year, not higher, and over 10 percent below peak, with the benchmark 30-year mortgage rate inching up towards 7 percent, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.

Expect inventory levels to keep rising over the next couple of months, putting additional downward pressure on prices, before taking a breather in August.  We’ll keep you posted and plugged-in.

https://socketsite.com/archives/2024/04/number-of-homes-on-the-market-in-s-f-keeps-climbing.html