San Francisco in housing ‘correction’

San Francisco in housing 'correction'

CNBC.com SHARES Power House: San Francisco Power House takes a look at the San Francisco metro area. Justin Fichelson of Climb Real Estate has the details. San Francisco homes are still some of the priciest in the nation, but sales of those houses are showing significant weakness. September sales were down 19.5 percent in the city from a year ago, according to the California Association of Realtors. "We're going through a kind of correction, as we have a lot of new developments being built right now. The supply is definitely on the rise," said Justin Fichelson, an agent at Climb Real Estate Group in San Francisco. "The market is not going to continue going up like we've seen in the past two years, because prices are already high." Adam Jeffery | CNBC The San Francisco Bay Area attracts some of the nation's top technology talent. The median price of a San Francisco home sold in September was $1.189 million, an 11.6 percent increase from a year ago.

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