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predicted autumn surge in San Francisco's home sales has failed to materialize despite falling interest rates. According to Patrick Carlisle, chief market analyst at Compass, lower borrowing costs haven't driven the expected increase in buyer demand. Instead, buyers are waiting for further rate declines, keeping them on the sidelines.

    Home sales have increased 7.5% year-over-year through September, but listings have risen even faster, up 30% from last year and reaching a two-year high. This has given buyers an advantage, although many homes are still selling quickly above asking price. Luxury home sales, however, are thriving, with a 35% increase in sales over $3 million last month, attributed to wealth gains from the stock market.

    Autumn is typically a time for price reductions, but San Francisco sellers have instead increased their shaved asking prices year-over-year as they try to move unsold homes before the end-of-year slowdown. The median home sale price fell to $1.58 million in the third quarter, down from $1.65 million in the previous period.