"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.
The property was purchased for $20 million in 2020 and listed just two years later due to changes in the owners' circumstances.
The housing market in San Francisco is experiencing a downturn, with a 2.3 percent decline in median listing home prices.
Around one in eight home sellers in San Francisco and the Peninsula areas are facing financial losses, particularly in the luxury market.
Nationwide, the U.S. housing market is under strain due to rising mortgage rates and economic uncertainty.
Experts predict a bottoming out of home sales in early 2024, followed by a slow rebound, despite modestly declining mortgage rates.
While housing market activity has decreased, a total crash in prices isn't expected, according to economist Joe Seydl.
Balancing affordability and market stability might not require dramatic price drops but rather an increase in incomes over a few years.
The housing market's return to more affordable levels might take around three and a half years under current conditions.
New housing markets in lower-cost-of-living areas are growing, driven by incentives and remote work flexibility, offering optimism for future market activity.