San Francisco’s Luxury Condo Bubble Turns into Condo Glut

A few days ago, I shared some observations about the San Francisco housing market, as seen from a walk though residential areas. I walk everywhere and see realtor signs here and there. But that day, I saw 14 realtor signs, advertising 15 units for sale – by far the most I’d seen since the Financial Crisis.
‘San Francisco is on sale,’ I wrote. At the worst time of the year – November, December, January. I advised caution using this observation. It needed to be confirmed by data, I wrote; but if confirmed, San Francisco’s crazy Housing Bubble 2 is going to have a problem.
Now confirmation is piling up. In late October, national real estate brokerRedfin had already reported that the median home price in San Francisco in September had jumped 14.9% from last year, as home sales in units had plunged 25.3%!
This is year-over-year data. Seasonality has nothing to do with it.

This post was published at Wolf Street by Wolf Richter ‘ November 8, 2015.