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San Francisco Home Prices Slide in Stark Turn for Costly City

Brokerages show values falling 7% in the past year as higher mortgage rates and work-from-home issues crush demand.  

Homes in San Francisco.

Homes in San Francisco.

Photographer: David Paul Morris/Bloomberg

San Francisco home prices tumbled last month as soaring interest rates and an exodus of tech workers battered demand in one of the most expensive US housing markets.

In the four weeks through Sept. 4, the median single-family home price in the city fell 7% from same period a year earlier, to $1.4 million, according to a report by the brokerage Redfin Corp. The decline was more severe than in other high-priced communities in the Bay Area, and the mirror image of a 7% gain in the nationwide median price.