Quick Take:

• Single-family home prices remain nearly 25% above year-ago levels at $2,050,000, even after easing modestly from June’s peak.
• Condo prices bucked the seasonal trend and rose in July, climbing 8.93% year-over-year to $1,250,000.
• For-sale inventory sits at 507 homes citywide, with single-family listings down 42.11% and condos down 43.16% from last July.
• Single-family homes are still selling in about two weeks, while condos have tightened to just 20 days.

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Single-family prices cool from the peak but stay far above last summer

July delivered a slight pullback in San Francisco’s single-family home market, with the median sale price settling at $2,050,000 after four consecutive months above $2.1 million. That represents a 4.65% decline from June’s $2,150,000, but the year-over-year picture remains striking: prices are up 24.87% from the $1,641,750 median recorded last July. For context, the single-family median has now spent six straight months above the $2 million mark after starting the year at $1,653,325.

The condo market moved in the opposite direction, gaining 4.17% month-over-month to reach $1,250,000 and posting an 8.93% year-over-year increase from $1,147,500. That is a meaningful improvement from the flat annual comparisons condos were producing earlier this summer.

Bidding dynamics tell the rest of the story. Single-family homes continued selling for an average of 26% above their original list price, holding at the highest level in this data series and well above the 11% premium buyers were paying last July. Condos averaged 4% over original asking, down slightly from 6% in June but a substantial improvement from the 3% discount typical a year ago.

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Inventory holds near record lows as condo listings thin out further

The supply picture remains the defining feature of this market. As of July, there were just 154 single-family homes for sale across San Francisco, a 42.11% decline from the 266 available last July. That figure is essentially flat with June’s 151, suggesting the market has found a floor, but it is a remarkably low floor by any historical standard.

Condo inventory continued to shrink, falling 13.5% from June to 353 units for sale, and down 43.16% from 621 a year ago. Combined, that leaves barely 500 homes of any type on the market in a city of this size.

What makes the condo decline notable is that it is not being driven by a lack of sellers. New condo listings in July totaled 210, essentially unchanged from the 211 recorded last July. Instead, absorption is doing the work: 245 condos sold in July, a 39.2% jump from 176 a year ago. On the single-family side, new listings actually rose 13.5% year-over-year to 185, while sales slipped to 177 from 193. Sellers are coming to the table, but not fast enough to rebuild meaningful selection for buyers.

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Days on market tell two very different stories

Single-family homes averaged 13 days on market in July, ticking up from the 12-day pace that held steady from February through June. It is a marginal shift, and still 7.14% faster than the 14 days recorded last July, but worth flagging as the first upward move in six months.

The condo market is where the real change has happened. Condos averaged 20 days on market in July, down from 23 in June and a dramatic 53.49% faster than the 43 days condos required last July. Historically, San Francisco condos slowed noticeably in the summer months, with August 2025 stretching to 51 days. This year, that seasonal drag has largely disappeared. Both property types are now clearing in under three weeks, which is a fundamentally different market than the one buyers navigated twelve months ago.

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Sellers keep the upper hand across both property types

When determining whether a market is a buyers’ market or a sellers’ market, we look to the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has lower than three months of MSI is considered a seller’s market, whereas markets with more than three months of MSI are considered buyers’ markets.

San Francisco sits firmly in seller’s market territory on both fronts. Single-family homes carry just 0.8 months of supply, unchanged from June and down 42.86% from 1.4 months last July. At the current sales pace, every available single-family home in the city would be gone in roughly 24 days. Condos, meanwhile, have moved from a balanced market to a clear seller’s market over the past year, dropping from 3.6 months of supply last July to 1.7 months now, a 52.78% decline and the lowest reading since December.

The significance here is that the condo segment, which spent most of 2024 and early 2025 above four months of supply, no longer offers buyers the negotiating room it once did. With both property types under two months of supply, faster sale times, and above-asking premiums holding firm, sellers retain substantial leverage heading into the fall.

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– theFrontSteps SFNewsletter – August 2026