Rebound in SF Home Sales and “Pent Up Demand” Plateau

Having bottomed out at the end of April, at which point they were down nearly 50 percent on a year-over-year basis, the number of homes in contract to be sold started to rebound in May and turned positive, on a year-over-year basis, last month.

In fact, pending home sales activity is currently up around 40 percent versus the same time last year, which should result in strong July and August sales volumes, at least on a relative basis.

That being said, the rebound in “pent up” sales activity appears to have already plateaued with contract activity having slipped a few percent over the past week. And on a year-to-date basis, pending home sales activity is still down over 10 percent with the peak of the typical spring buying/selling season having passed, driving listed inventory up to near recession era levels.

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