San Francisco is arguably one of the hottest real estate markets in the nation. Fueled by the technology economy, it has a limited supply of homes for sale, which has resulted in fierce competition and sky-high home prices. Rents also have grown in tandem.
“Have things cooled down a little bit? Yes. However, the properties that are still priced right and properly prepared, it’s a 10-to-12 day market,” said Jeff Salgado, a partner with McGuire Real Estate.
San Francisco home prices were up just more than 10 percent in July, according to the latest S&P/Case Shiller home price indices. It was the only one of the top 20 U.S. markets, however, to see a monthly price decline, down 0.4 percent from June on a seasonally adjusted basis. “It’s their comeuppance,” declared Nobel laureate Robert Shiller, co-author of the indices on CNBC recently. “They were the most bubbly city. It’s time for a correction.”
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