The NAR has adjusted its national market forecast downward for the third time this year. The Inman Blog lays it out nicely, just expect things to pick up by the end of the year. MInd you, probably irrelevant to San Francisco for now, or maybe not. From Lawrence Yun at the NAR:
Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom... but gradually trend upward with improving activity by the end of the year. It’s important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year Playing catch-up, the grand couple's house at 2511 Steiner Street (above) closed escrow in three weeks at $4,200,000, well over its $3,850,000 asking price. The same day, a stylish mid-century split-level in at 1650 La Salle in Bayview (below) was taken off the market after eighteen weeks on at $698K.