Bay Area home sales are cooling — but AI-bolstered San Francisco is heating up
SAN FRANCISCO CHRONICLE
When mortgage rates spiked in 2022, home sales in San Francisco — and just about everywhere else — plummeted. Markets heated up again after those rates dipped in 2023, with prices soaring in Silicon Valley, where return-to-office policies and strong tech stock growth drove competition among buyers. This year, the market cooled again, thanks to a combination of tech layoffs, volatility in the stock market and the unlikelihood that mortgage rates will fall much further.
But San Francisco is proving to be a partial exception. Sales have gradually recovered over the past two years, even nearing pre-pandemic levels.
Krishnan said renewed enthusiasm about the city and its new mayor, as well as AI companies’ move to the city, have led to a jump in sales.
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