San Francisco, CA
Monthly housing intelligence, market trends, and trusted local expertise.
Updated: April 2026
The San Francisco-Oakland-Fremont market is stabilizing, with a pending ratio of 0.49 and a significant year-over-year contraction in active listings of 12.9%.
Active listings have decreased by 12.9% year-over-year, while new listings saw a more modest decline of 1.5% over the same period. The median listing price experienced a slight increase of 0.3% year-over-year, alongside a 1.8% month-over-month gain. The pending ratio has risen by 7.4% year-over-year to 0.49.
Recovery driven by AI hiring; condos lagging single-family rebound.
Market Signals & Indicators
The contracting inventory and moderating price movements suggest a market where neither aggressive price reductions nor significant upward negotiation are broadly supported. The pace of transactions, as indicated by the pending ratio, is not generating strong pressure on home values.
The average listing price declined by 1.5% year-over-year, while median $/sqft also decreased by 3.0% annually, suggesting some softening at the higher price tiers. This trend, divergent from the median listing price, may indicate reduced price discipline in the luxury segment.
5,408 active listings represent the current floor, with new supply arriving at roughly 4,326 per month.
of active listings carry a price reduction, -2.0% from prior period.
Median price per square foot has moved -3.0% year-over-year.
Pending-to-active ratio — Stabilizing.
