November 2024 Market Report
Photo by Art Litvinau on Unsplash
Year over year, median house and condo sales prices were up in October 2024, 2% and 5.5% respectively. Fueled by the large jump in new listings in September, sales activity – as measured by the number of listings that went into contract – hit its highest point since spring 2022. The absorption rate, which measures buyer demand vs. the supply of homes for sale, hit its highest percentage since spring 2022. Monthly sales volume was up 19% year-over-year, and year-to-date sales were up 11%. Days-on-market declined and overbidding increased. The number of price reductions in October 2024 climbed to its highest count of the year – the typical seasonal trend – but was well down year-over-year.
Interest rates continued to rise in October and early November, but, as of November 6th, all 3 major stock market indices were at record highs. These 2 financial indicators – the first one typically having negative implications for buyer demand, and the second one positive – may pull different market segments in different directions in coming months.
Luxury house and condo sales rebounded in October, and 2024 year-to-date sales of luxury houses ($5 million+) were up 40%, and luxury condo and co-op sales ($2.5 million+) were up 48%. Possibly reflecting 2024’s soaring stock markets, increases in luxury home sales have far outperformed the overall market this year.
Listing and sales activity, as well as virtually all the standard metrics of demand, typically cool dramatically in November and December, and the number of unsold listings taken off the market usually jumps, especially in higher price segments. Still, the next 2 months can be an excellent time for buyers to negotiate more aggressively to make some of the best deals of the year.
Mortgage Interest Rates in 2023-2024
30-Year Conforming Fixed-Rate Loans, Weekly Average Readings*
*Freddie Mac (FHLMC), 30-Year Fixed Rate Mortgage Weekly Average: https://www.freddiemac.com/pmms. Data from sources deemed reliable. Different sources of mortgage data sometimes vary in their determinations of daily and weekly rates. Data from sources deemed reliable but may contain errors. All numbers approximate.
Per Freddie Mac (FHLMC), on November 7, 2024, the weekly average, 30-year, conforming-loan interest rate increased to 6.79%. Why are mortgage rates going up even though the Fed has finally been cutting rates? Read our other post on it here.
Rates vary widely according to the property, price, borrower and lender.
Financial Markets in 2023-2024
Percentage Increases in S&P 500 & Nasdaq since 1/1/23
Data per MarketWatch.com. Data from source deemed reliable but may contain errors and subject to revision. Financial market values change constantly and all numbers to be considered approximate. Financial markets are often prone to significant volatility even on a short-term basis.
San Francisco HOUSE Price Trends since 1990
Monthly Median House Sales Prices, 3-Month Rolling
3-month rolling average of monthly median sales prices for “existing” houses, per CA Association of Realtors or 3-month rolling median per NorCal MLS Alliance. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
The 3-month-rolling median house sales price in October 2024, $1,630,000, was up about 2% year-over-year, though still far below the 2022 peak.
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, disguising an enormous range of sales prices in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart. More often than not, median sales prices peak for the year in spring.
San Francisco CONDO Price Trends since 2005
Median Condo Sales Price, 3-Month Rolling
3-month rolling median condo sales prices reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
The 3-month-rolling median condo sales price in October 2024, $1,140,000, up about 5.5% year over year, but still far below its 2022 peak.
Generally speaking, over the last 5-6 years, Bay Area median condo sales prices have not seen the appreciation rates common in house markets.
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, and longer-term trends are more meaningful than short-term changes.
San Francisco CONDO Prices: Downtown vs. Non-Downtown
6-Month-Rolling, Median 2-Bedroom Condo Sales Prices since 2005*
*6-month rolling median condo sales values reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. Does not include new-project sales unreported to MLS. All numbers approximate, and may change with late-reported sales.
6-month-rolling median sales prices for 2-bedroom condos were generally in the $1,250,000 range in both these large regions of the city in October 2024.
Comparing median 2-bedroom condo sales prices in the greater Downtown/South of Market/Civic Center area (the center of large-project, new-condo construction, office buildings and high-tech employment) – the white line – with the rest of San Francisco (mostly smaller, older buildings, in less urban environments) – the green line.
Median sales prices also vary widely within these two broad regions.
San Francisco Value Trends since 2005
3-Month-Rolling, Median Dollar per Square Foot Values*
*3-month rolling median house sales values reported to NorCal MLS Alliance, per Infosparks. Analysis may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
Until the pandemic, the median $/sq.ft. value for condos (green columns) ran substantially higher than for houses (white line), but that is no longer the case.
Median $/sq.ft. value is a general statistic, disguising an enormous range of values in the underlying sales. It is often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, which explain many of the regular ups and downs in this chart.
New Listings Coming on Market
San Francisco Market Dynamics & Seasonality
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources deemed reliable, but may contain errors and subject to revision. May not include “coming-soon” listings. All numbers should be considered approximate.
New-listing activity is fiercely seasonal: As is the norm, after soaring in September to its highest monthly count of the year, it dropped back down in October. It will typically continue to plunge in November and December.
San Francisco: Homes for Sale
Active & Coming-Soon Listings Posted to MLS on October 31, 2024, by Price Segment*
Under $1,000,000: 76 houses; 445 condos; 9 co-ops; 53 TICs
$1m - $1.499m: 95 houses; 177 condos; 4 co-ops; 23 TICs
$1.5m - $1.999m: 69 houses; 98 condos; 2 co-ops; 15 TICs
$2m - $2.999m: 58 houses; 62 condos; 6 co-ops; 7 TICs
$3m - $4.999m: 41 houses; 46 condos; 6 co-ops; 1 TIC
$5m - $9.999m: 32 houses; 12 condos; 3 co-ops
$10,000,000 & above: 15 houses; 2 condos; 3 co-ops
Includes 8 listings priced at $ 20,000,000+
Active/Coming-Soon Listings with Median List (Asking) Prices*
Houses – 386 listings - $1,695,000
Condos – 843 listings - $998,000
TICs – 99 listings - $970,000
Co-ops – 33 listings - $2,295,000
Townhouses – 8 listings - $874,000
Residential Income Properties:
2-Unit Buildings – 96 listings - $1,725,000
3-Unit Buildings – 57 listings - $2,299,000
4-Unit Buildings – 37 listings - $1,950,000
Median list prices typically disguise a wide range of prices in the underlying individual listings, and may not be representative of typical median sales values. Home sizes and values vary widely within and between neighborhoods.
Numbers do not include new-project condo listings not posted to MLS. Data above as of 10/31/24.
* Active/Coming Soon listings (no offer accepted) posted to NorCal MLS Alliance. Data from sources deemed reliable, but may contain errors and subject to revision. Not all listings are posted to MLS, including many new-project condos. All numbers approximate. Numbers of listings and median list prices change constantly.
San Francisco: Homes for Sale
Active & Coming-Soon Listings by Realtor District Posted to MLS on October 31, 2024*
| Realtor District | # House Listings | Median House LIST Price | # Condo Listings | Median Condo LIST Price | |
|---|---|---|---|---|---|
| Richmond District, Lake St., Sea Cliff (D1) | 22 | $2,222,500 | 19 | $1,495,000 | |
| Sunset, Parkside, GG Heights (D2) | 37 | $1,475,000 | 11 | $1,298,000 | |
| Lakeside, Ingleside, Oceanview (D3) | 22 | $1,298,000 | 6 | $573,000 | |
| Miraloma Park, Sunnyside, St. Francis Wood, Forest Hill, West Portal (D4) | 43 | $1,895,000 | 11 | $525,000 (Diamond Heights) | |
| Noe, Eureka & Cole Valleys (D5) | 58 | $2,600,000 | 50 | $1,249,500 | |
| Lower Pacific Heights, Hayes Valley, NoPa, Alamo Square (D6) | 11 | $2,995,000 | 54 | $1,062,000 | |
| Pacific & Presidio Heights, Cow Hollow, Marina (D7) | 34 | $8,275,000 | 73 | $1,495,000 | |
| Russian, Nob & Telegraph Hills; North Beach, Van Ness/Civic Center (D8) | 11 | $6,500,000 | 164 | North: $1,249,000 South: $630,000 | |
| Potrero Hill, Bernal Heights, Mission, South Beach, SoMa, Mission Bay (D9) | 60 | $1,597,500 | 406 | $997,500 | |
| Bayview, Excelsior, Portola, Crocker Amazon, Visitacion Valley (D10) | 88 | $998,500 | 46 | $686,500 |
Realtor districts often contain adjacent neighborhoods to those listed. Neighborhoods within districts often feature different home characteristics and values.
*Active/Coming Soon listings (no offer accepted) posted to NorCal MLS Alliance on 10/31/24. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate. Does not include new-project condos not listed in MLS. Numbers and prices change constantly.
Active & Coming-Soon Listings on 1st of Month*
* Houses, condos, co-ops, TICs, townhouses: Active/Coming-Soon listings posted to NorCal MLS Alliance. Does not include new-project condos not listed on MLS. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate. The # of active listings changes constantly.
The number of active/coming-soon listings on November 1, 2024 declined from the previous month, and was down year-over-year. Of listings for sale, 28% were houses, and 72% were condos, co-ops, TICs & townhouses.*
The # of active listings on a given day is affected by 1) the # of new listings coming on market, 2) how quickly buyers put them into contract, 3) the sustained heat of the market over time, and 4) sellers pulling their homes off the market without selling.
Listings Accepting Offers (Going into Contract)
San Francisco Market Dynamics & Seasonality
Residential activity reported to MLS, per Broker Metrics. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported activity.
Fueled by the large jump in new listings coming on market in September, the number of listings going into contract in October jumped to its highest monthly count since spring 2022.
Percentage of Listings Accepting Offers
San Francisco: Absorption Rate by Month
*SFARMLS reported data, per Broker Metrics. Not all new-condo project activity is reported to MLS. Last month’s data estimated using available data, may change with late reported activity. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
In October 2024, the absorption rate rebounded to its highest % since spring 2022. For houses alone, the rate was 39%, and for condos, 18%, reflecting their respective supply and demand dynamics.
Absorption rate measures buyer demand vs. the supply of listings for sale: The higher the percentage, the more heated and competitive the market. Absorption rate typically rises and falls to seasonal trends in demand.
Price Reductions on Active Listings
San Francisco Market Dynamics & Seasonality
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted to site. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.
The number of price reductions in October 2024 climbed to its highest count of the year, but was well down year-over-year. It’s not unusual for price reductions to peak in October before the mid-winter holiday slowdown begins in mid-November.
The number of price reductions typically ebbs and flows by season, but can also be affected by specific events in the economy and the market.
Monthly Home Sales Volume*
San Francisco Market Dynamics & Seasonality
*Sales of houses, condos, townhouses reported to NorCal MLS Alliance, per Infosparks. Does not include new-project condo sales unreported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. Last month estimated based on available information and may change with late reported sales. All numbers approximate.
October 2024 sales jumped back up with the rush of new listings coming on market in September. Monthly sales volume increased about 19% year-over-year, and 2024 YTD sales were up about 11% from the same period of 2023.
In October, 53% of SF sales were houses, and 47% were condos, co-ops, TICs and townhouses.*
Sales in one month mostly reflect accepted offers in the previous month.
San Francisco: Not Every Home Sells
Listings Taken Off Market Without Selling*
* Expired & withdrawn listings, as reported to the SFAR MLS for houses, condos, TICs, co-ops and townhouses, per Broker Metrics. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
The number of listings taken off the market typically jumps in December, especially in higher price segments. Many will be relisted in the 1st quarter.
Listings taken off market were typically listed for 3+ months prior to withdrawal. They can sometimes be opportunities for buyers, as presumably the sellers would still like to sell these homes.
Listings are usually off market without selling because 1) buyers are unwilling seller’s price, and/or 2) to sit out seasonal slowdowns – such as often occur in mid-summer and mid-winter.
San Francisco Luxury House Sales*
Houses Selling for $5 Million+ since 2018
*Houses sales reported to NorCal MLS Alliance, per Infosparks. Does not generally include listings and sales unreported to MLS. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and may change with late-reported activity.
Spring is usually the period of highest sales volume for luxury houses, though autumn often sees a substantial spike up in activity after the typical summer slowdown – as occurred this year. 2024 YTD sales were up 40% year-over-year.*
San Francisco Luxury Condo & Co-op Sales*
Units Selling for $2.5 Million+ since 2018
*Includes sales of condos, co-ops, townhouses, TICs reported to NorCal MLS Alliance, per Infosparks. Does not include sales unreported to MLS, such as some new-project condos. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate, and may change with late-reported activity.
In October 2024, luxury condo and co-op sales hit their highest monthly count in 2 years, and 2024 YTD sales were up 48% year-over-year.*
Average Days on Market – Speed of Sale
San Francisco Market Dynamics & Seasonality
Sales reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
Houses (green line) continue to sell much faster than condos (blue line). Homes typically sell most quickly in spring and early autumn.
Measuring how long it takes for sold listings to accept offers. Sales in 1 month mostly reflects accepted offers in the previous month. Days-on-market dropped significantly in October 2024.
Overbidding List Prices in San Francisco
Percentage of Home Sales Closing over List Price
Sales data reported to NORCAL MLS® ALLIANCE, per Infosparks. Reflecting the percentage of sales closing at sales prices over the final list prices. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate, and may change with late-reported sales.
This statistic fluctuates according to seasonal demand trends, and is a lagging indicator of market activity 3-6 weeks earlier. This statistic can be distorted by strategic underpricing strategies by listing agents.
Overbidding is typically caused by buyer competition for new listings. The overall percentage in the latest month was 62%, but for houses alone, it was 77%, and for condos, 44%.
Average Sales Price to Original List Price Percentage
San Francisco Over/Under Bidding: Market Dynamics & Seasonality
Sales reported to NorCal MLS Alliance, per Infosparks. Data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate, and may change with late-reported sales.
In October 2024, house sales (yellow line) averaged a sales price almost 12% over list price, while condos (orange line) averaged a sale price at list price.
Overbidding has been much more common in house sales than condo sales.
This statistic can be distorted by strategic underpricing strategies by listing agents.
California Migration Trends
*Per U.S. Census 1-Year ACS estimates released 10/17/24: Published with significant margins of error. https://www.census.gov/topics/population/migration/guidance/state-to-state-migration-flows.html.
State population is also affected by births and deaths, and residents moving abroad. Data from sources deemed reliable but may contain errors and subiect to revision. All numbers approximate
Out-Migration
States receiving the highest number of residents moving out of state in 2023
Texas: 93,970
Arizona: 54,222
Nevada: 41,997
Washington: 40,858
Florida: 39,052
Oregon: 33,807
New York: 31,097
Colorado: 26,148
Tennessee: 23,961
Virginia: 21,771
In-Migration
States with the highest number of residents moving into state in 2023
Texas: 38,732
New York: 35,062
Washington: 32,218
Nevada: 22,218
Oregon: 22,162
Illinois: 21,982
Arizona: 12,152
Florida: 19,149
Virginia: 15.837
Colorado: 14,784
Substantial two-way traffic between states is common.
Total In-Migration from other states: 422,075
In-Migration from abroad/U.S. islands: 315,732
Total Out-Migration to other states: 690,502
Of those moving in 2023 into a new home in California, 89% moved within the state, and the rest moved in from out of state.
Bay Area Housing: Number of Housing Units by County
Housing units of all types: owner-occupied, tenant, social
Median House Sales Prices by Bay Area County
2024 YTD Sales through Q3
Sales reported to NorCal MLS Alliance in 2024 through 9/30/24, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. Not all sales are reported to MLS. All numbers approximate and may change with late-reported sales.
Median price is that price at which half the sales occurred for more and half for less. It is a very general statistic that typically disguises an enormous range of sales prices in the individual underlying sales. It may fluctuate for reasons other than changes in fair market value. Median house sizes vary between counties, and counties contain submarkets of widely different values. How these prices apply to any particular home is unknown with a comparative market analysis.
Median House Dollar per Square Foot Value by Bay Area County
2024 YTD Sales through Q3
Sales reported to NorCal MLS Alliance in 2024 through 9/30/24, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. Not all sales are reported to MLS. All numbers approximate and may change with late-reported sales.
Dollar per square foot is calculated on interior livable space and does not include garages, attics, basements, storage rooms, rooms built without permit, patios, decks or lot size. Values are affected by location, age, quality of construction, condition, architectural style, home size, lot size, views, parking, amenities and many other factors. Counties contain submarkets of widely different values, and how these values apply to any particular home is unknown with a specific comparative market analysis.
Median 2-Bedroom Condo Sales Prices by Bay Area County
2024 YTD Sales through Q3
Sales reported to NorCal MLS Alliance in 2024 through 9/30/24, per Infosparks. Data from sources deemed reliable, but may contain errors and subject to revision. Not all sales are reported to MLS. All numbers approximate and may change with late-reported sales.
Median price is that price at which half the sales occurred for more and half for less. It is a very general statistic that typically disguises an enormous range of sales prices in the individual underlying sales. It may fluctuate for reasons other than changes in fair market value. Median condo sizes vary between counties, and counties contain submarkets of widely different values.
SF is the only Bay Area county that has more condo than house sales.
San Francisco Bay Area Home Sales
2024 YTD, Percentage of Sales by Price Segment*
*2024 YTD residential sales reported to NorCal MLS Alliance by 10/31/24. Not all sales are reported to MLS. Percentages rounded except for the 2 highest price segments, and total will not exactly equal 100%. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers approximate.
Sales by Property Type
House: 75%
Condo/Co-op: 17%
Townhouse: 8%
Nationally, 11% of home sales are over $1,000,000. In the greater Bay Area, the percentage is 57%, and in San Francisco, it is 74%.
Bay Area Population Trends 2010 – 2023, by County
Estimates as of July 1 of each year, published by the U.S. Census. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate.
Population measured as of July 1st of each year.
All Bay Area counties have seen some decline in population since the pandemic struck, though the magnitude of change varies widely.
Bay Area County Sizes
Land Area in Square Miles
Bay Area Population Density
Residents per Square Mile by County
Per 2023 1-year ACS estimates from the U.S. Census. These analyses were performed in good faith with data derived from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximations.
San Francisco is the second most densely populated city in the country. It has almost 8 times as many residents per square mile as Alameda County and almost a hundred times more than Napa.
Population densities have fallen in all Bay Area Counties since the pandemic hit in 2020.
Educational Attainment by Bay Area County
Bachelor & Graduate/Professional Degrees
These analyses were performed in good faith with data derived from sources deemed reliable, but they may contain errors and are subject to revision. All numbers should be considered approximate.
Many Bay Area counties are among the most educated in the country.
San Francisco Demographic Snapshot
Median Earnings by Education & Gender*
* U.S. Census 2023 ACS 1-Year Estimates, published September 2024. Residents with earnings, population 25+ years of age. Data from sources deemed reliable, but may contain errors and subject to revision. Estimates often published with significant margins of error.
Among other issues, including wage inequality and hiring discrimination, women are more likely to leave the workforce or work part-time to care for children or elders, and more likely to pursue degrees related to education and social services, factors which can impact overall median incomes by gender.
Male and female are the only gender designations delineated by the census in this analysis.
Owner & Tenant Occupancy
Percentage of Housing Units, by Bay Area County
Percentage of occupied housing units occupied by owners or tenants. Data derived from sources deemed reliable, but may contain errors and are subject to revision. All numbers approximate.
San Francisco is the only Bay Area County with a majority tenant population (though some cities within other counties also have tenant majorities).
Foreign-Born Residents
Percentage of Population, by Bay Area County
These analyses were performed in good faith with data derived from sources deemed reliable, but may contain errors and are subject to revision. Published with margins of error. All numbers approximate.
The largest source of the foreign-born populations of Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa & Solano Counties has been from Asian countries – especially China and India – while in Monterey, Sonoma, Napa, Marin and Santa Cruz, the largest share came from Latin America.
Language Spoken at Home
By Bay Area County*
“Asian” included Pacific Islander languages. “Other” languages not illustrated. Percentages rounded. Data from sources deemed reliable but may contain errors and subject to revision. All numbers approximate. Census estimates are published with sometimes significant margins of error.
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics – such as “active listings,” “days on market,” and “months supply of inventory” – differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won’t be reflected in the data. “Homes” signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, unless otherwise delineated. Multi-county metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.