The fall in prices could be shaped by a market in flux.
A one-bedroom condo in the Yerba Buena of San Francisco is on the market for nearly $670,000. The property's listed price on Zillow is less than its value has been since 2004, when it sold for $499,000, according to records on the real estate platform.The home was at one point in May 2019 listed for sale for nearly $1.1 million but the listing was removed in June of that year. The next time it went on the market, it was valued at 32.5 percent less at $729,000.
Another reason could be mortgage rates elevated at above 7 percent have made buying less appealing for prospective homeowners which slowed competition and, in turn, caused a fall in prices. San Francisco is a market in flux, according to Norada Real Estate Investments.'The median home price, which hovered around a dizzying $1.4 million in early 2023, has shown signs of plateauing, with a slight dip in recent months,' they noted. 'Rising interest rates...
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