Investors and owner-occupiers buy for different reasons. Investors are much more sensitive to rates and outlooks. One way to measure investor vs owner impact

Investors and owner-occupiers buy for different reasons. Investors are much more sensitive to rates and outlooks. One way to measure investor vs owner impact on prices is speed of sale. While prices are down 3% in SF, house get pending offers in 18 days on average -- much faster than one might expect for owner-occupiers. I'd guess that unless houses are taking 45 days to sell, it's probably an investor-driven market.