San Francisco home sales were down about 35% year over year in May 2023.
“With the benefit of hindsight, the second half of 2022, and more so Q4, was a buyer's market for one of the only times in living memory,” Jeff Tucker, senior economist atNew listings are 34% lower than in 2019, according to data provided to SFGATE by Zillow. Overall inventory is down 22.6% from 2022 and is 32% lower than in 2019. That means the Bay Area could be seeing steeper price declines right now, but since inventory is still declining, prices are buoyed.
With interest rates exceeding 6.5%, it’s unlikely that the market will change drastically either way anytime soon. “The thing about high interest rates is it's just bad news for both buyers and sellers,” Tucker said. The Bay Area is also one of the few places in the country where it’s still cheaper to rent than to buy. San Jose has the widest gap — it’s 165% more expensive to buy than to rent, according to
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