San Francisco is arguably one of the hottest real estate
markets in the nation. Fueled by the technology economy, it has a
limited supply of homes for sale, which has resulted in fierce
competition and sky-high home prices. Rents also have grown in tandem.
"Have things cooled down a little bit? Yes. However, the properties that are still priced right and properly prepared, it's a 10-to-12 day market," said Jeff Salgado, a partner with McGuire Real Estate.
"Have things cooled down a little bit? Yes. However, the properties that are still priced right and properly prepared, it's a 10-to-12 day market," said Jeff Salgado, a partner with McGuire Real Estate.
coolbiere photograph | Moment Open | Getty Images
San Francisco home prices were up 9 percent in August
year-over-year, according to the latest S&P/Case-Shiller home price
indices. That's down from double-digit annual gains in July. It was one
of only three of the top 20 U.S. markets, however, to see a monthly
price decline, and it saw the largest decline, down 0.4 percent from
July.
"It's their comeuppance," declared Nobel laureate Robert Shiller, co-author of the indices on CNBC recently. "They were the most bubbly city. It's time for a correction."
Read MoreDetroit-area home sales hit by higher prices
Sales in the Bay Area fell in September, down 1.8 percent from
July but up 4.2 percent from last year, according to CoreLogic DataQuick data. Prices may cool a bit, but not by much, simply due to the fact that San Francisco is a city of perpetually limited inventory.
Its economy is also incredibly strong, compared with the rest of the nation, so while the sky may not be the limit for prices, they will likely continue to be sky-high.
"I don't see a bubble. Our industry is driven by the high tech and biotech. I do not see that economy, the local economy, going down," added Salgado.
Read MoreHard hit Tampa housing making some strides
"It's their comeuppance," declared Nobel laureate Robert Shiller, co-author of the indices on CNBC recently. "They were the most bubbly city. It's time for a correction."
Read MoreDetroit-area home sales hit by higher prices
Sales in the Bay Area fell in September, down 1.8 percent from
July but up 4.2 percent from last year, according to CoreLogic DataQuick data. Prices may cool a bit, but not by much, simply due to the fact that San Francisco is a city of perpetually limited inventory.
Its economy is also incredibly strong, compared with the rest of the nation, so while the sky may not be the limit for prices, they will likely continue to be sky-high.
"I don't see a bubble. Our industry is driven by the high tech and biotech. I do not see that economy, the local economy, going down," added Salgado.
Read MoreHard hit Tampa housing making some strides
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Diana OlickCNBC Real Estate Reporter
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