August 2022: By The Numbers

September 30, 2022

August 2022: By The Numbers
Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow. New Listings were down 13.7 percent for single family homes and 20.4 percent for Condo/TIC/Coop properties. Pending Sales decreased 25.2 percent for single family homes and 29.1 percent for Condo/TIC/Coop properties.
The Median Sales Price was down 12.0 percent to $1,625,000 for single family homes and 14.1 percent to $987,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 5.9 percent for single family units but was up 3.6 percent for Condo/TIC/Coop units. Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

Recent Blog Posts

Stay up to date on the latest real estate trends.

Portola Real Estate Market Update

April 23, 2024

In the last two weeks, there has been 1 home sale in San Francisco's Portola and Excelsior neighborhood. The single closed listing sold for $1,160,00. The closed listi… Read more

Sunset District Real Estate Market Update

April 23, 2024

In the last two weeks, there have been 16 home sales in the Sunset District. Closed listings range in price from $725,000 to $1,850,000. The closed listings had a medi… Read more

Noe Valley San Francisco Market Update

April 23, 2024

In the last two weeks, 5 homes closed in San Francisco's Noe Valley neighborhood. The closed listings range in price from $499,000 to $2,825,000. The listings have a m… Read more

Bernal Heights Real Estate Market Update

April 23, 2024

In the last two weeks, there have been 5 home sales in San Francisco's Bernal Heights neighborhood. Closed listings range in price from $1,160,000 to $1,775,000. The c… Read more

Portola Real Estate Market Update

April 9, 2024

In the last two weeks, there have been 4 home sales in San Francisco's Portola and Excelsior neighborhood. Closed listings range in price from $775,000 to $2,230,000. … Read more

Bernal Heights Real Estate Market Update

April 9, 2024

In the last two weeks, there have been 8 home sales in San Francisco's Bernal Heights neighborhood. Closed listings range in price from $942,000 to $3,140,000. The clo… Read more

Noe Valley San Francisco Market Update

April 9, 2024

Sunset District Real Estate Market Update

April 9, 2024

In the last two weeks, there have been 12 home sales in the Sunset District. Closed listings range in price from $693,800 to $2,300,000. The closed listings had a medi… Read more

Pacifica Real Estate Market Update April

April 1, 2024

Pacifica Real Estate Market Update

Let's Talk

You’ve got questions and we can’t wait to answer them.