Economic Volatility Injects Uncertainty into Spring Market, But San Francisco’s House Market Remains Surprisingly Strong

While most of the Bay Area saw significant shifts to more uncertain and uneven markets in April, the
SF house market remained characterized by robust demand, though its condo market remained much
softer. However, there were indications of increased hesitancy among some buyers as they tried to
come to terms with new economic uncertainties both personal and macroeconomic.

Vear over year, the supply of homes for sale rose about 9%, a far smaller increase than in other local
markets, some of which saw jumps of 70% or more. The number of listings going into contract in
April ticked up slightly, though the number of closed sales fell. The quantity of price reductions,
which soared in most Bay Area Counties, remained flat from last year. The 3-month-rolling SF median
house sales price was unchanged from April 2024, while the median condo sales price declined.

The homes seeing highest demand, and most likely to sell quickly with multiple offers, are houses in
absolute move-in condition, often professionally staged, aggressively priced, and in prime locations.