As per the National Association of REALTORS® (NAR), existing home sales across the country experienced a significant 14.5% month-over-month increase in the latest report, marking the first monthly gain in a year and the largest surge since July 2020. This sudden rise in sales activity can be traced back to contracts signed earlier in the year when mortgage rates dropped to the low 6% range, sparking a wave of homebuyer interest. NAR also notes that pending sales have consistently improved, showing growth for the third consecutive month as we head into spring. Below are the monthly stats for San Francisco.
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Single-family homes had a 15.1% decrease in median sales price compared to a year ago
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Condos/TIC’s/Coops had a 10.5% decrease in median sales price compared to a year ago
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All property types had a 10.5% decrease in median sales price compared to a year ago
Limited inventory nationwide has prevented even higher monthly sales figures. Inventory constraints are partially due to fluctuating mortgage interest rates, which almost reached 7% before receding in recent weeks. Consequently, these higher rates have put downward pressure on sales prices. For the first time in over a decade, NAR reported a year-over-year decrease in national home prices, ending a 131-month streak of annual price growth.
