The Marina Times reports from California. "Supply and demand still has the final say, even in San Francisco’s wild real estate market. Early this month, developer Trumark Urban is expected to begin selling a batch of units in its $200 million luxury condominium project, The Pacific, located in Pacific Heights. A walk or drive along Market Street in the Castro shows many new and under-construction condo projects lining the street. SoMa has been home to numerous tall cranes building even more housing units in recent years. In another part of the market, there are potentially tens of thousands of 'in-law' units, or accessory dwelling units, that could come onto the market in the near future if a new pact between supervisors Mark Farrell and Aaron Peskin becomes reality and boosts generation of new such units ."

"People who have wondered when all of the new construction would begin to reduce housing prices are finally getting an answer: Now. Currently it is being felt on high-end properties, and even there, it is reflected in longer times before properties are sold and some not-too-dramatic price decreases. But combined with some softness in the high-paying tech market — where hiring has taken a breather over the last year and some venture capitalists have become pickier about shoveling their millions at unprofitable startups — these developments could auger well both for people looking to buy a home here."

"Local business headlines are starting to shift from stories about the latest eye-popping prices commanded by home sales to tales of a 'condo glut, with massive supply and dwindling demand' and 'market softening, but only for super rich.'"

"What we’ve seen so far this year is a move 'toward market normalization,' notes real estate firm Pacific Union. It said that sales continued to be strong, albeit with longer on-sale times 'especially in the city’s northern neighborhoods and popular Noe Valley. One main reason for this is that many sellers entertained unrealistic expectations and, accordingly, overpriced their homes. Consequently, bidding wars occurred less frequently than in the second quarter of last year, and price reductions became more commonplace.'"

The Tribune. "San Luis Obispo County’s median home price dropped in June from both the month earlier and June 2015. The overall number of home sales rose slightly. Total sales — including new homes, resale single-family homes and condos — were 465 in June, up 4.7 percent from the same month a year ago, when 444 units were sold, according to CoreLogic. The overall median home price dropped 2.9 percent to $500,000 in June, from $515,000 a year earlier."