Real estate aggregator Redfin has declared that "the housing market frenzy of 2013 has officially come to a close" nationwide, with sales tapering off for the fall and winter. Although Indian Summer is still in full force in San Francisco, The city's housing market free-for-all is on the same seasonal track, with a decline in sales since August.
Redfin reports that of the 5,307 homes for sale in the San Francisco metro area in September, 3,367 of them sold, for a 15.8% month-over-month drop. These figures show a large increase in sales and a decrease in inventory -- as if we needed any more proof that The City's housing market has been on fire for the last year.
San Francisco metro area home sales are up 17.2% from last year, and inventory is down by 8.1%. The median home sale price for 2013 is $605k -- down 3.3% month-over-month but up 18.6% year-over-year. Perhaps more surprising is that San Francisco is not leading Redfin's 19 markets in sale price increases. In fact, SF ranks 9th, while Las Vegas, Sacramento, and Riverside, CA lead the pack in year-over-year pace of price increases.
· Home Prices Show Expected Monthly Decline in September; Up 16 Percent Year Over Year [Redfin]