The City View: July Update
July is traditionally the second-slowest month of the year, behind only December. Fewer new listings come to market as sellers hesitate to list, while so many buyers are away on summer vacations. Even in a market with exceptionally strong demand, most sellers want to maximize exposure by launching their home when the largest pool of buyers is actively looking.
While the market may feel quieter, agents are anything but idle. Behind the scenes, homes are being prepared for the fall selling season, when new inventory typically increases and buyers finally have more options to consider.
The big question is whether the increase in inventory will be enough to satisfy the tremendous pent-up demand. Many buyers are hoping to purchase before the next wave of AI-related IPOs, anticipating that an influx of newly liquid buyers could put even more upward pressure on prices. Even buyers employed at these future AI IPO companies are finding ways to purchase now and not compete with their own colleagues. It is going to be a very competitive fall, and prices look set to remain high at least until the end of the year.
Single-Family Home Prices Post Their Strongest
Year-Over-Year Gain of 2026
June brought extraordinary price appreciation to San Francisco's single-family home market, with the median sale price climbing 26.47% year-over-year to $2,150,000. This marks the strongest annual gain we've seen so far in 2026. The condo market, by contrast, saw much more modest growth, with the median sale price inching up just 0.63% to $1,200,000. Competition for single-family homes has reached unprecedented levels, with the average home selling for more than 26% over the original asking price. Condos are also commanding premiums, selling for nearly 6% over asking on average.
Listings Continue to Move at a Record Pace
The extreme scarcity of inventory has kept the market moving at a blistering pace. The average single-family home is selling in just 12 days, representing a 14.29% decrease compared to last June. The condo market has also accelerated significantly, with the average condo selling in 23 days, a 28.13% year-over-year decline. For single-family home buyers in particular, the combination of razor-thin inventory and rapid sales velocity means that hesitation is simply not an option when a desirable property hits the market.
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