J-POP SUMMIT takes place on Saturday and Sunday at Fort Mason. The annual festival features the latest in Japanese music, fashion, film, art, games, tech-innovations, anime, food, as well as niche subcultures! Meanwhile, San Francisco Opera is celebrating the opening of its 95th season, and once again the opera company invites you to join them for Opera in the Park this Sunday at Sharon Meadow in Golden Gate Park. It’s a free event!
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 9/3/17 – 9/9/17
Declining Home Sales Across the Nation Due to Low Inventory
The National Association of Realtors® just released their July report on the nation’s real estate market. It’s worth mentioning that the market conditions that existed in July are still with us today. According to the report, much of what we have experienced in San Francisco is now taking place across the country.
The report looks at pending home sales for the nation as a whole, and describes a continuing decline. Fewer homes are being sold because fewer are available for sale. Lawrence Yun, NAR chief economist, continues to blame the weak real estate market on the lack of homes for sale and called the inventory woes throughout the country “staggering.”
According to Yun, in the past five years, the national median sales price has risen 38 percent, while hourly earnings have increased less than a third of that (12 percent). This unsustainable trend is putting considerable pressure on affordability in some markets — especially for prospective first-time buyers — and is pricing out some households who would otherwise be looking to buy a home. Yet, despite this growing obstacle, Yun says data and feedback from Realtors® continues to confirm that the slowdown in existing sales since spring is the result of a supply problem and not one of diminished demand.
These are market conditions that San Franciscans are all too familiar with. If you’ve ever considered selling your home, clearly, this is a great time to do so!