Condominium construction across San Francisco showed a 3% decline from May to June, according to The Mark Co. Previous reports pointed to stagnation, but this release marks the first time new construction has fallen.
The index also registered a 2% decline from the same time last year—a first in the two years The Mark Co has tracked the statistics, SocketSite reports.
New condo sales also slipped in June. Only 32 units were sold during that month, which represents a level 66% lower than June 2015 and 72% lower than May 2016.
The slowdown in sales contributed to buildup in unsold condos in San Francisco. There are now 1,200 units on the market, up 40% from June 2015. [SS]
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