San Francisco’s Housing Mania May Finally Have Reached Its Limit
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Home-price gains are moderating as ‘feeding frenzy’ fades
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Luxury inventory on the market is the highest on record
After four years of crammed open houses, heated competition and dizzying price gains that sent the median cost of a home to $1.2 million, San Francisco’s real estate market is starting to lose steam.
The inventory of luxury homes is at a record high. A smaller share of deals have bidding wars. Rent growth for large and upscale apartments is softening.
While demand remains robust, real estate mania is waning in San Francisco, which has become one of the most prohibitively expensive U.S. housing markets thanks to a hiring boom for well-paid technology workers. Signs are emerging that prices may have gotten too high as job growth slows, venture-capital investment declines and the stock market stays sluggish…
San Francisco’s Housing Mania May Finally Have Reached Its Limit
