According to one index, housing prices in San Francisco dropped faster in August than in any other city in America - a 4.3 percent decline since July.
On top of climbing interest rates and high inflation, the already astronomical prices of San Francisco real estate means costs have further to fall."Given the market that we had before where they were 10, 15 offers for a property, that was sort of an unreal market. Now it's moving into a more reasonable discussion between buyer and seller type of market," Wong said.
Experts say prices locally, like the rest of the country, will continue to fall in the immediate future.But most don't think the downturn will resemble anything like the crash we saw back in 2008. "We don't have such a huge overhang of leverage this time, so I don't think that the crash, if there is one in housing, would be quite as bad as what we saw then," Altman said."If you mention the name San Francisco anywhere in the world, and anywhere in this country, everybody knows of it," said Wong.
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