reposted with permission from Redfin. San Francisco home prices rose 2 percent in June from a year earlier, to a median $1.25 million. Sales in the city fell 6.9 percent, the sixth year-over-year slowdown. Price growth has slowed this year after four years of double-digit inflation, which has sellers rushing into the market. The supply of homes for sale jumped 77.4 percent. Condo owners in particular were active in June, causing inventory of those units to more than double from the same time last year. Single-family inventory was up 37.4 percent. “We have a lot of folks who are just trying to take advantage of what they perceive as the top of the market,” Redfin agent Mark Colwell said. Prices might be peaking for condos, he said, but not for single-family homes. The city had more than 980 homes listed for sale in June, compared to 553 in June 2015. The number of new for-sale signs planted in June was up 8.5 percent, the sixth month of year-over-year growth. More than 980 homes were listed for sale in June, compared to 553 in June 2015

Although inventory has improved, it hasn’t caught up with demand, and buyers remain discouraged by high prices and a lack of choice. Less than 67 percent of homes sold for more than asking price, down 10 percent from a year ago. It was the third-straight month of year-over-year declines. Twin Peaks had only three home sales, but all went for more than asking price, pushing the neighborhood’s median price to $2.1 million — the city’s highest. That contrasted with other high-end neighborhoods in the city, where fewer sellers were able to command as much money as they wanted. In the Financial District, Nob Hill, Mission Bay, Rincon Hill and other communities where a typical home sold for more than $1.5 million, sellers had to compromise as fewer houses fetched more than asking price. In Nob Hill, about one in three homes sold above list price — a 37 percent drop from a year ago. In the Financial District, it was fewer than one in seven, which is a drop of nearly 29 percent.

The Tenderloin continued its streak as the city’s most-affordable community, with a median sale price of $535,000 based on five sales. NOTE: Not all neighborhoods are listed, but totals for San Francisco encompass the entire city. Indoor Water Fountains SearsData is based on listing information and might not reflect all real estate activity in the market. House Sale JadavpurNeighborhood-specific data is measured over a three-month span that ended June 30. 4wd Camper Trailer Hire DarwinInventory measures listings active as of June 30. See Redfin’s data center to find out what’s happening in other cities.reposted with permission from Redfin San Francisco home sales slowed for the seventh month, falling nearly 13.6 percent in July from a year earlier.

Sale prices were steady, inching up less than half a percent to a median $1.2 million. The city’s price growth has slowed rapidly after four years of double-digit inflation as buyers shy away from record price tags and bidding wars, especially for condos. Supply is inching up, too, as more sellers put homes on the market. In July, there was more than a two-month supply of homes for sale, a rarity in a city known for its tight housing inventory. Still, the supply of houses on the market remains extraordinarily low. Economists consider a market balanced between buyers and sellers when there’s a six-month supply of houses for sale. Condo inventory almost doubled, and single-family inventory was up 39 percent. Overall, the number of properties for sale has risen every month since December. supply of houses on the market remains extraordinarily low Although inventory has improved, it hasn’t caught up with demand, which is one reason sales have been slower this year than last.

The dramatic year-over-year drop in sales last month was partly caused by the city’s hot market last summer. Prices were up nearly 16 percent year-over-year in July 2015 as bidding wars engulfed the city, but there’s little doubt last month brought a slowdown. For the first time this year, month-over-month sales volume fell. That might bring relief to buyers, especially those shopping for condos, which have been taking longer to sell. The typical condo was on the market 24 days in July, up from 18 in June. For condos, July was the slowest market since January 2013. “Last year in July, condos were flying off the shelf. Now they’re not,” Redfin agent Mark Colwell said. “People aren’t so much scared that the market has peaked, they’re scared the condo market has peaked.” Single-family properties are still in demand, and the slowdown in price growth ultimately is healthy, Colwell said. “I just bought recently. I firmly believe we’re just returning to an age of normalcy, which is a good thing,” he said.

Across the greater Bay Area, the median sale price rose 4.8 percent in July to $1.15 million. Sales slowed by a dramatic 14.5 percent year over year. Compared to the first seven months of 2015, sales in the region are down 8.8 percent. Prices in Nob Hill jumped 74 percent from a year ago to a median $2.24 million, with 19 sales last month. The gain was led by the sale of a three-bedroom, two-level condominium that went for nearly $4.8 million, or $1,683 per square foot. Compared to a year ago, sellers had less pricing power in all but one of the city’s costliest communities as fewer properties fetched above asking price. The exception was Inner Richmond, where the typical home sold for $1.193 million and more sellers got above what they were asking compared to July 2015. The Tenderloin continued its streak as the city’s least-expensive community, with a median sale price of $594,000 based on eight sales. It was the only neighborhood where a typical home could be had for less than $600,000.