San Francisco - Real Estate Market Report OCTOBER 2023
San Francisco Monthly Market Report Summary:
Economic Overview: Since the start of the fall selling season, rising interest rates and declining stock markets have been observed. Market volatility is high, with unpredictable reactions to economic news. The full impact on real estate due to these changes will be clearer with Q4 data.
Real Estate Trends:
- Q3 median house sales price dropped by 6.5% from Q3 2022.
- Median condo price decreased by 4%.
- New listings surged in September, leading to a potential rise in October sales.
- Houses are in higher demand than condos. Downtown condo market is weaker compared to other city districts.
- Home sales in Q3 decreased by 22% year over year.
2024 Forecast by CA Association of Realtors® (CAR):
Positive outlook: "California housing market will rebound in 2024".
- 23% increase in single-family home sales.
- CA median home price to rise by 6.2%.
- 30-year fixed mortgage interest rate to drop to 6%.
- 10% to 20% increase in active listings, though overall housing supply remains low.
- Despite improvements, the number of households affording a median-priced home will stay low
Read the full report below:
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