Are sellers cutting prices in San Francisco?

Yes, sellers in San Francisco are cutting prices, but it's a smaller share than a year ago. About 13.1% of homes on the market have reduced their prices during the most recent month.

Yes, sellers in San Francisco are cutting prices, but it's not a widespread trend. Just over one in ten homes on the market have had a price drop. This suggests that while some sellers are adjusting their expectations, many homes are still holding their value. The median listing price is nearly $1 million ($996,500), which is a slight dip from last month and compared to last year. While the average price has fallen more significantly over the past year (down 5.6% to $1,503,992), the drop in median price is much smaller. This signals some shifts in the market, possibly due to fewer high-end homes being listed. Around 13.1% of listings have seen a price reduction, which is actually less than at this time last year. This means fewer sellers feel the need to lower their asking price now compared to a year ago. The number of homes for sale is down 17.4% from last year, and fewer new homes are coming onto the market. Homes are also selling faster, spending 37 days on the market in the most recent month, which is quicker than last year. This quick pace means buyers need to be ready to act once they find a home they like. For buyers, this means you might find some opportunities if you keep an eye on listings that have reduced their prices, but overall, the market still has less inventory and homes are selling relatively quickly.