SAN FRANCISCO — A market that’s sustained home price growth over a long period of time is no longer at its peak but rather at a “table-top” peak. That’s the state of housing in the San Francisco Bay Area as described at Pacific Union International’s Real Estate Economic Forecast for 2020 Wednesday night with John Burns Real Estate Consulting. The buoyant Bay Area market will likely sustain its current price levels throughout 2019 and possibly experience a “hiccup” in 2020. “We are at the top and it looks like we will stay there for a while between now and 2020,” said Pacific Union CEO Mark McLaughlin. According to Burns, we are currently experiencing the longest expansion of an economic cycle since World War II. The market shouldn’t be alarmed at the prediction of a hiccup because if it happens, it will mark a return to economic norms, Burns and McLaughlin stressed. “We are calling for a price correction and then it will rebound,” said McLaughlin. Even with a pr…
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