SAN FRANCISCO—On July 16, The California Association of Realtors (C.A.R.) said of this summer that the state’s realty market has bounced back from its worst housing market since the Great Recession.
Jeanne Radsick, the association’s 2020 President, noted, “Home sales bounced back solidly in June after hitting a record bottom in May, as lockdown restrictions loosened and pent up demand driven by record-low interest rates roared back.”
Indeed, the number of homes for sale in California is now at its highest since 2011.
According to a Socketsite report on Monday, the number of homes listed in San Francisco’s housing inventory increased by six percent this past week, and the market’s inventory is now only 120 homes away from its July 2008 numbers.
In speaking to SFGate, Sotheby’s realtor Daria Saraf noted, “the current Bay Area real estate market has shifted quite dramatically from years past when we normally have a lull in July and August.”
Additionally, C.A.R. has suggested this market shift was due to a decreased housing inventory from March to May throughout the state and historically low interest rates countrywide.
The city’s inventory levels are predicted to return to their normal seasonal patterns come August.