The government says pending home sales in the United States are down for the seventh straight month. In the Bay Area, that translates to more time on the market and fewer bidding wars.
For Robert Hernandez, a longtime renter in the Bay Area who works in tech, the drop in bidding wars gives him hope he now has a chance to purchase a home.
"That is amazing news for us," Hernandez said. "But it's great to hear that there's not so many bids going in per house anymore."
Realtor Mike Gaines said prices on large properties are falling too, even in longtime hot spots. He called the housing shift a correction in the market.
The one caveat to this optimism comes, ironically, from the tech industry. Google and other companies planning to build new offices in the area, which could once again send housing prices higher.