San Francisco homes take longer to sell

The break-neck velocity of the Bay Area’s housing market slowed significantly last year as higher interest rates motivated potential buyers to tap the brakes.

In San Francisco, it took more than 31 percent longer to sell a home at the end of  2022 than it did the year before. 

As a result of that drag on the market, the inventory of for-sale homes piled up, increasing by about 57 percent year over year since the end of 2021, according to data from Realtor.com.

The median house price ticked up by 4.62 percent year over year — though the median price per square foot declined in 2022 by 2.57 percent. 

Ever since April 2021, the median sale price has remained consistently higher than the median list price in San Francisco, with the differential peaking in June 2021 at 13.53 percent. By November 2022, that differential had sunk to 4.78 percent, just over half what it was in the same month of 2021.