Leave a Message

Thank you for your message. We will be in touch with you shortly.

San Francisco Market Report – February ’23 Numbers

March 28, 2023

San Francisco Market Report – February ’23 Numbers

In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).

New Listings were down 40.3 percent for single family homes and 40.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 39.5 percent for single family homes and 25.8 percent for Condo/TIC/Coop properties.

The Median Sales Price was down 25.4 percent to $1,440,000 for single family homes and 6.3 percent to $1,150,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 16.7 percent for single family units but remained flat for Condo/TIC/Coop units.

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.

 

Download full report here

Recent Blog Posts

Stay up to date on the latest real estate trends.

HomeLight

September 15, 2025

One of the most common issues for homeowners wanting to make a move is coming up with the down payment. There's equity in the departing residence, but trying to sell b… Read more

FEATURED SMALL BUSINESS: Last Mile and CaliKites

September 15, 2025

Today we're talking with Brian Schwartz, owner of Last Mile and CaliKites, two sweet destinations for cool gear. Last Mile specializes in personal electric vehicles an… Read more

Interior Home Maintenance Checklist:

September 15, 2025

You know the saying… "a stitch in time"? Well it goes double for home maintenance. A little attention to the items below can save a ton of money and headache, and prot… Read more

Automated Home Valuations - How accurate are Zestimates anyway?

September 15, 2025

As you can imagine, online tools can't process information they don't have. Among other things, they can't "see" functional space that wasn't permitted, upgrades perfo… Read more

Top Real Estate Agent in San Francisco Bernal Heights, Alec Mironov Real Estate Agent
Bernal Heights Real Estate Market Update

September 9, 2025

In the last two weeks, there have been 3 home sales in San Francisco's Bernal Heights neighborhood. Closed listings range in price from $1,068,000 to $2,205,000. The c… Read more

Top real estate agents in San Francisco's Sunset District, Alec Mironov with Pacific Edge Real Estate Group
Sunset District Real Estate Market Update

September 9, 2025

In the last two weeks, there have been 10 home sales in the Sunset District. Closed listings range in price from $910,000 to $2,088,000. The closed listings had a medi… Read more

Top real estate agent in San Francisco's Noe Valley neighborhood, Alec Mironov with Pacific Edge Real Estate Group.
Noe Valley San Francisco Market Update

September 9, 2025

In the last two weeks, 7 homes sold in San Francisco's Noe Valley neighborhood. The closed listings range in price from $1,078,00 to $9,600,000. The listings have a me… Read more

Live real estate data for West Portal, Forest Hill, Inner Parkside, Golden Gate Heights, Forest Knolls, St Francis Wood, Miraloma Park, and Sherwood Forest.
Westside San Francisco Market Update

September 7, 2025

In the last two weeks, there has been 8 home sales in San Francisco's Westside neighborhoods. The closed listings range in price from $750,000 to $4,980,000. The close… Read more

Top Real Estate Agent in San Francisco Portola Neighborhood Specialist, Sean Komarmy
Portola Real Estate Market Update

September 1, 2025

In the last two weeks, there have been 6 home sales in San Francisco's Portola and Excelsior neighborhood. The closed listings range in price from $820,000 to $1,650,0… Read more

Let's Talk

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