by Wolf Richter
The glut is in neighborhoods with condo towers, particularly where the construction boom has been. Neighborhoods with low-rise buildings are less impacted.
The situation in the San Francisco housing market is getting increasingly curious. Even as there is a veritable land rush in many parts around the US, including in parts of the San Francisco Bay Area, San Francisco is now facing historic record high inventory of condos for sale, and sharp drops in condo prices. Inventory of single-family houses is also up and prices are mixed.
There were 2,532 homes listed for sale in San Francisco at the end of October, up 77% from the same week a year ago, according to data from Redfin. About two-thirds were condos. According to data from Compass, inventory of condos for sale was up 85% year-over-year. Inventory of single-family houses was up 25%: