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San Francisco’s Housing Mania May Finally Have Reached Its Limit

  • Home-price gains are moderating as ‘feeding frenzy’ fades
  • 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.