San Francisco buyers face more competition as available homes become scarcer
House hunters in San Francisco had fewer homes to choose from in July, making an already competitive market even tougher to navigate. Despite high housing costs, buyers continued to pursue homes across the city, helping drive sales higher and pushing many properties to sell above their asking price.
Home sales increase as buyers stay active
San Francisco recorded 937 home sales in July 2026, up 12.1% from a year earlier. Condo sales posted the strongest gains, rising more than 40% year over year, while single-family home sales remained relatively stable. The increase in transactions suggests many buyers were still willing to enter the market despite ongoing affordability challenges.
For prospective buyers, the market remained competitive. Many shoppers who had been waiting for conditions to improve found themselves facing the same challenges that have defined much of the past year: limited choices and strong competition for desirable homes. Even as borrowing costs and home prices remained elevated, demand showed few signs of slowing.
Buyers have fewer options as inventory tightens
A shrinking supply of homes continued to shape market conditions in July. Listings totaled 2,078, down 17.9% from a year earlier, leaving buyers with fewer opportunities to find a home that met their needs.
Homes also sold more quickly than they did a year ago, spending a median of 39 days on the market, down 3 days from a year earlier. Months of supply fell to 2.4 months, well below the level generally associated with a balanced market. In practical terms, buyers often had less time to make decisions and were more likely to encounter competing offers on attractive properties.
For sellers, the shortage of available homes remained a significant advantage. Well-priced listings continued to attract strong interest from buyers looking to secure a home before prices moved higher.
View the latest homes for sale in San Francisco.
Rising prices reflect strong competition
The combination of steady demand and limited inventory helped support home values. The median sale price reached $1.55 million in July, up 2.8% from a year earlier. Single-family homes posted particularly strong gains, with median sale prices rising nearly 12%.
Competition was also evident in how much buyers were willing to pay. Homes sold 6% above list price, far exceeding the national benchmark and underscoring the strength of demand in the local market.
San Francisco Sale Prices
The median home sale price in San Francisco increased by 2.8% compared to the same time last year, while the national median price rose by 2.6%.
San Francisco ranks 12th for annual median price change among the top 40 U.S. markets
San Francisco median home prices rose by $42,500 year over year on a nominal basis in July to $1,550,000. Meanwhile, the national median home price increased by $10,000 to $400,000.
San Francisco's median home price is above the nation's
San Francisco was the highest-priced housing market among the top 40 largest markets last month. The San Francisco median home price of $1,550,000 was 287.5% above the national median home price. San Francisco's median home price in July compares to the market's peak of $1,770,000 recorded in May of 2026.
San Francisco single-family prices increase
The median price of San Francisco single-family homes rose by $211,944 over the past year to $2,006,944, while the median townhome price grew by 2%, and the median condo price rose by 4.3%.
San Francisco Inventory
The number of homes for sale in San Francisco decreased by 17.9% in June compared to the same time last year, while national homes for sale rose by 4.4%.
San Francisco's inventory of homes for sale decreases
San Francisco homes for sale fell by 452 year over year in July to 2,078 homes for sale. San Francisco ranked 40th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in July.
San Francisco homes for sale are above their pre-pandemic levels
San Francisco homes for sale were above their pre-pandemic levels in the month of July. San Francisco homes for sale were 9.3% above the July 2019 total of 1,901.
San Francisco single-family inventory decreases
San Francisco single-family homes for sale decreased by 16.1% to 1,106 in July. In comparison, townhomes for sale fell by 25.8% to 92, and condos for sale declined by 19.1% to 880.
San Francisco Home Sales
The number of home sales in San Francisco increased by 12.1% in July compared to the same time last year, while national home sales rose by 2.9%.
San Francisco home sales increase
San Francisco home sales increased by 101 year over year on a nominal basis in July to 937. For context, 836 sales closed in San Francisco in July 2025.
San Francisco's annual home sales activity change ranks first nationally
San Francisco ranked first for the annual change in home sales out of the top 40 U.S. markets in July on a percentage basis. This year's July increase of 12.1% compares to the 3% year over year increase in July 2025.
Single-family sales in San Francisco are lower than a year ago
San Francisco single-family sales decreased by 0.2% in July to 566. In comparison, townhome sales fell by 3.2% to 30, and condo sales rose by 43.3% to 341.
For questions and commentary about this report:
Nigel Hughes, Senior Director of Market Analytics at CoStar and Homes.com, based in San Francisco, is available for interviews to provide expert insights on this data and the broader residential real estate market.
Nigel Hughes
Senior Director, Market Analytics
Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in San Francisco during July 2026.
For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.
Definition of Inventory
Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Home Sales
The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Days on Market
The median number of days from initial listing to closing of properties whose closing occurred during the month. This data includes detached, attached, and condominium homes. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Months of Supply (MOS)
Months of Supply (MOS) is equal to active listings divided by homes sold in a given month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
Definition of Sale to List Price Ratio
The sale-to-list price ratio is the ratio of the sale (closing) price to the original list price, whose closing occurred during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.
About the Homes.com Market Analytics Team
The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.
About Homes.com Analytics Data
The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.
The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.