San Francisco 2024 May Real Estate Report

San Francisco 2024 May Real Estate Report

  • Alexander Fromm Lurie
  • 05/14/24

San Francisco Real Estate
May 2024 Report

April 2024 Market Highlights

Home prices, sales volume, luxury sales, the number of new listings,
and overbidding – all increased as the market moved deeper into spring.

But not every listing sells: Price reductions also rose in April.
Preparing, pricing and marketing the home properly still matter.

This report also includes breakouts of home values and market
conditions in neighborhoods & Realtor districts within the city.

Inflation & interest rates: The general inflation reading for March – released in April – unexpectedly
ticked up to 3.5%, significantly higher than the Fed’s goal of 2%. This caused mortgage interest rates
to climb back above 7% – though remaining well below rates seen last fall. Speculation as to what
the Fed may or may not do with its benchmark rate has been shifting for months from optimistic
(will cut rates, perhaps several times in 2024) to pessimistic (won’t cut rates this year), back and
forth, with the release of each new economic indicator. For the time being, the Fed has been
standing pat, as it has since August. In any case, buyers and sellers seem to be taking the recent rise
in interest rates in stride, and moving forward with life plans.

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