For the second month in a row, and following the trend we first noticed emerging last year, the price index for new construction condominiums in San Francisco, as compiled by The Mark Company, has dropped on a month-over-month basis and is running 2 percent lower versus the same time last year, down 6 percent versus an August 2015 peak.

At the same time, while the inventory of unsold units in developments across the city (1,150) remains over 50 percent higher versus the same time last year, new condo sales in San Francisco totaled around 40 in July, down over 60 percent on a year-over-year basis.

And the overall pace of new construction sales in San Francisco is now running 36 percent lower in 2016 versus the first seven months of last year, down from 32 percent lower in the first half of the year.