Roughly 21% of San Franciscometro-areahouses for sale saw price cuts recently, according to Redfin data.
Why it matters: Home sellers across the country are increasingly offering discounts to entice buyers hampered by high housing costs.
"A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power," Zillow chief economist Skylar Olsen said in a report.
State of play: In the San Francisco metro area, the share of active listings with price drops nearly doubled from December 2023, when it was just over 10%.
It surpassed 30% in 2022, when price cuts surged nationwide in part due to rising mortgage rates that caused home shoppers to back out of the market.