10/07/2026
When people talk about "the housing market," I always want to ask: Which housing market?
Maybe it's my economics degree, but my brain goes straight to supply and demand.
On the San Francisco Peninsula, our housing supply is constrained in ways that differ from much of the country. We have limited land, new construction takes time, and homeowners tend to stay put longer.
At the same time, proximity to major employment centers and the desirability of living here keep creating demand for a limited number of homes.
That doesn't mean prices can't fall. They absolutely can. It means higher rates alone don't tell us what prices will do.
Rates matter. Employment matters. Affordability matters. Inventory matters.
But ultimately, home prices come back to one basic principle: local supply and local demand.
That's why the Peninsula doesn't always follow the national housing story.
So which housing market are you watching: the national one, or the one outside your window?
