September 11, 2013
San Francisco Home Sales Set For Double-Digit Drops
Following two months of year-over-year declines in sales volumes while inventory levels have been ticking up, homes sales in San Francisco spiked in July, a spike which was driven by, rather than despite, a spike in mortgage rates.
If recorded sales activity matches what has happened with the market for properties listed on the MLS, however, expect the recorded sales volume for San Francisco homes to have once again dropped by double digits in August, both month-over-month and year-over-year.
∙ Home Sales Spike In San Francisco To Nine Year High In July [SocketSite]
∙ Spike In Sales Due To, Rather Than Despite, A Spike In Rates [SocketSite]
First Published: September 11, 2013 12:15 PM
Comments from "Plugged In" Readers
I don't think you can infer anything from that data without inventory as well. Does anyone know how weeks of supply or inventory levels look?
Posted by: Lance at September 11, 2013 1:05 PM
All this post is really saying is that inventory was very low this past July. And that's quite true.
[Editor’s Note: Inventory was higher in July than it was in June and even on a year-over-year basis in August.]
Posted by: Anon at September 11, 2013 1:30 PM
Yeah well the point stands. And the trend continued throughout August. There was finally a significant inventory increase last week.
Posted by: Anon at September 11, 2013 11:04 PM
It would be good to see the recent points re inventory represented visualy though.
Not sure why the long running inventory update/graph was pulled, but would be very useful to see again now.
Any chance of this?
Posted by: REpornaddict at September 12, 2013 9:39 AM
Totally agree. Btw, the dataquick numbers should be out today. Looks like LA posted 25% price gains last month...no slow downdown south.
Posted by: Lance at September 13, 2013 7:20 AM
UPDATE: As expected with the Median slipping as well: Having Spiked In July, San Francisco Home Sales Slide In August.
Posted by: SocketSite at September 13, 2013 10:31 AM