San Francisco home sales move closer to asking prices - Axios San FranciscoLog InLog InAxios San Francisco is an Axios company.

SF home sales move closer to asking prices

Open house sign in San Francisco. Photo: Justin Sullivan/Getty Images Hunting for homes in San Francisco can be demoralizing, especially knowing that a house might sell for much more than its listing price. But there's a positive trend for buyers — the gap between asking price and actual selling price appears to be shrinking. What's happening: Single family homes in San Francisco sold for 8.6% over their list price on average in July, down from a 13.7% average overbid the same month in 2021, according to the San Francisco Multiple Listing Service, a database for realtors.Local agent Eileen Bermingham, who runs the blog, confirmed these numbers with Axios.Similarly, condo sales in July averaged 1.5% over their asking prices, compared to a 4.4% average overbid last July. What they're saying: "This tells me that the market is cooling a bit and may be coming down from a single-family home-buying frenzy," Bermingham wrote in . By the numbers: 179 single-family homes sold in July compared to the 247 homes that sold in July 2021, according to MLS. The median sale price was $1.67 million, down from $1.85 million the prior year. As for condos, 196 sold in July versus 316 in July 2021 with median prices dropping slightly from $1.212 million to $1.202 million. Of note: 36 homes and 9 condos still sold for over 20% of their asking prices in July. What's next: Bermingham says buyers and sellers are often on vacation in August, which could lead to an uptick in activity post Labor Day. Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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