"San Francisco Real Estate Shock: Mansion's 50% Price Plunge Uncovered

The San Francisco home sold at half its initial price, going for $9,990,000 after being listed at $19,995,000.

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The property was purchased for $20 million in 2020 and listed just two years later due to changes in the owners' circumstances.

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The housing market in San Francisco is experiencing a downturn, with a 2.3 percent decline in median listing home prices.

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Around one in eight home sellers in San Francisco and the Peninsula areas are facing financial losses, particularly in the luxury market.

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Nationwide, the U.S. housing market is under strain due to rising mortgage rates and economic uncertainty.

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Experts predict a bottoming out of home sales in early 2024, followed by a slow rebound, despite modestly declining mortgage rates.

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While housing market activity has decreased, a total crash in prices isn't expected, according to economist Joe Seydl.

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Balancing affordability and market stability might not require dramatic price drops but rather an increase in incomes over a few years.

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The housing market's return to more affordable levels might take around three and a half years under current conditions.

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New housing markets in lower-cost-of-living areas are growing, driven by incentives and remote work flexibility, offering optimism for future market activity.

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