San Francisco homeowners have flooded the market with homes for sale on the eve of a Federal Reserve Bank announcement about lowering interest rates.
The number of active listings in the city rose to 1,234 in the week of Sept. 11, from 1,000 at the end of last month, the San Francisco Business Times reported, citing weekly MLS figures. That represents an uptick of 23 percent.
The Federal Reserve is expected to lower rates today, Sept. 18.
For condos, the number of new listings shot up to 185 for the beginning of this month, from 30 condos listed over the prior seven days. For single-family homes, new listings rose to 110 homes, from 40 homes the previous week.
“There is much more for our buyers to look at,” broker Nina Hatvany with Compass told the newspaper. “In terms of our own inventory, we have had four listings go into contract in this last week alone — a noticeable change of pace from the summer months.
“One listing in Bernal Heights had been on the market for four months and finally found a buyer close to the asking price.”