San Francisco Pending Home Sales Increase 58% Year Over Year

Pending home sales in San Francisco increased 30% month over month in October and 58% year over year, according to the latest Market Focus report issued jointly by Rosen Consulting Group and the San Francisco Association of Realtors. The report indicates that the sharp rise in the number of homes under contract should lead to strong sales activity going forward.

The improvement in home sales activity in the city observed during the last six months and the recent jump in pending sales has reduced the inventory of single-family homes for sale to 2.4 months of supply, compared to 4.9 months of supply in October of last year.

The Market Focus report also indicates that the median single-family home sales price increased 3.4% month-to-month to $760,000 in October, marking the second consecutive month of increasing prices.

SOURCES: San Francisco Association of Realtors, Rosen Consulting Group

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