Dear Friends,

U.S. existing-home sales increased for the first time in 5 months, as lower
mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

 

Local SAN FRANCISCO data is as follows* - Compared to Aug 2023, in Aug 2024: 

 

New Listings were down 24.6 percent for single family homes and 7.9 percent for Condo/TIC/Coop properties.

Pending Sales increased 12.8 percent for single family homes, and 22.2 percent for Condo/TIC/Coop properties.

Median Sales Price was down 3.4 percent to $1,521,000 for single-family homes, and 4.8% to $1,032,500 for Condo/TIC/Coop properties.

Months Supply of Inventory decreased 40.9% for single family units and 5.3 percent for Condo/TIC/Coop units.

 

*FULL SAN FRANCISCO MLS DATA REPORT AVAILABLE UPON REQUEST.  

 

BAY AREA

We've also included Snapshot links for the counties below from the California Association of Realtors. Note: If the data below is not updated for August 2024, please check back in a week, as California takes longer to publish than San Francisco.  

   

MARIN

SAN MATEO

ALAMEDA

CONTRA COSTA

 

OUTLOOK, per SFAR:

Nationally, total housing inventory edged up 0.8% from the previous month to
1.33 million units heading into August, for a 4.0-month supply at the current
sales pace, NAR data shows. Although inventory is up nearly 20% compared to
the same time last year, demand continues to outpace supply, putting upward

pressure on sales prices. According to NAR, the nationwide median existing-
home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

 

***************************************

Now, more than ever, it's crucial that Buyers and Sellers align themselves with a knowledgeable Realtor who understands the dynamics of our unique Bay Area market. If you or someone you know is looking to purchase or sell real estate, we’d love to put our knowledge to work to help you achieve your real estate goals while minimizing time, costs and liability.

 

Sending warm wishes for a wonderful week!  

*****

The Highest Compliment we can receive is the

Referral of Your Friends!