Economists say that the drop in home sales in the second quarter is a normal response to rising interest rates and that home prices are still rising. Home prices inched up 3.4% in the Bay Area for single-family detached homes, and up 4% for condominiums in San Francisco. The median price for a condo in the San Francisco metro area was $647,200 for the period. I expect that prices will flatten and then maybe even drop 10% before this is all over, but overall we’re not worried.

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