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In a surprising turn, San Francisco home prices fell 1.8% in March compared to a year ago. This is the first time this has happened in four years.
The unexpected move marks a cooling and contraction in San Francisco’s residential market, reports Housing Wire. Redfin chief economist Nela Richardson says the cause was not due to an increase in housing stock. Rather, buyers seem to be retreating from the Bay Area and competing less with each other for homes.
There is some speculation a slowdown could follow in other hot markets, such as Minneapolis, Denver, Seattle or Portland.
Affordable housing has become a critical issue in the Bay Area. San Francisco has introduced incentives to grow inventory thereby lowering prices. Bay Area city councils also have considered putting rent controls in place. [HW]
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