Market Report - January 2024

✨As expected, home prices are beginning to rise again in San Francisco in early 2024. Thankfully, we are still able to find good values for our clients who are ready to buy now. Recently, we got our clients into contract within 3 weeks as they saw the prices beginning to inch up out of their price range and they jumped on a great opportunity that was still in their price range! Win Win. I am here to be thoughtful and cognizant of whatever market you are in and to help you navigate it.

In January 2024, U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

New Listings were up 9.5 percent for single family homes and 1.2 percent for Condo/TIC/Coop properties. Pending Sales increased 32.2 percent for single family homes and 47.2 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 15.2 percent to $1,575,000 for single family homes and 8.7 percent to $1,087,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 7.7 percent for single family units but was up11.1 percent for Condo/TIC/Coop units.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

If you would like additional detail by neighborhood and to discuss your real estate needs, feel free to reach out to me.🏠

Sincerely,

Christine

(415) 940-6739
DRE# 02156513

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