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San Francisco ‘Froth is Gone’ as Wealth Fades, Housing Slumps

Tech angst, rising interest rates and crime concerns are colliding to hit home prices in the nation’s most expensive region.

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US Housing Market Cools Off

A palatial five-bedroom home built in 1932 with stained-glass windows, hand-carved doors and jaw-dropping hillside views of downtown San Francisco hit the market in April for $9.5 million. In June, the owners dropped the price to $7 million.

It went up for auction last week with an opening bid of $4.5 million. No offers emerged.

That kind of pullback is a stark turn for a tech-fueled city long marked by extreme wealth and ever-escalating home prices. Now, as the US housing market slows from a pandemic-era frenzy, the San Francisco area stands to be among the hardest-hit places.