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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.

Bloomberg business news
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.