San Francisco Housing Market August 2023 -- Home Prices Not Falling!

Home prices in San Francisco are up in August, showing resilience to seasonal summer slowdown, but we need to see how the data plays out next month, given what happened with interest rates in August. During summer, you typically see a pullback from peak buying season in the spring, but here, as you can see at the red line at the top, average prices and the blue graph at the bottom, average prices per foot, both ticked up in August. And as you can see up top, those homes were selling on average for 102% of list price. So even though supply increased from July to August, as you can see in the yellow graph below, and days on market increased, as you can see in the orange graph, the demand was still there for the supply that was available. And that demand is what is keeping upward pressure on home prices, preventing some sort of plummet. Now, interest rates ticked up pretty quickly in August, but did fall just as rapidly toward the end of the month. We'll have to see where September's data lands to see what impact those interest rate fluctuations had. Follow for more Bay Area real estate and reach out if you want more information.