Bay Briefing: Slowdown in sight for Bay Area real estate

2022-06-28 11:49:54 By : Mr. Andy Liu

A Chronicle analysis finds that Bay Area home sales have slowed in recent months.

Good morning, Bay Area. It’s Tuesday, June 28, and middle-class Californians could receive a stimulus check from the state budget surplus in the fall. Here’s what you need to know to start your day.

Is the Bay Area real estate market cooling?

A Chronicle analysis of Redfin data finds that sales have slowed in recent months, returning closer to what has served as “normal” in past years.

One Realtor told us that houses that would’ve ordinarily drawn more than 20 offers are now getting just three. Price drops are becoming more common among listings, and homes are selling closer to their asking price.

With the prospect of a recession, potential buyers likely are growing increasingly hesitant to put down the cash for a home right now.

Read more from Kellie Hwang.

• San Francisco housing development is slow and showing no signs of speeding up. The city is currently on pace to see fewer than 3,000 new homes this year.

The downturn in the stock market has people concerned about the status of their 401(k) plans.

The recent ups and downs of the stock market have Bay Area workers worried about the fate of their retirement plans.

The top-trending local query on Google during one recent week was, "What to do with 401(k) during recession." That same week, Bay Area searches for "Should I stop contributing to my 401(k)" quadrupled.

Don’t do anything rash, financial experts said.

But if you’re itching to do something, consider putting more money into your retirement fund as index fund prices drop.

Read more from Carolyn Said.

Cross-section of a breakfast sandwich from Hash N Dash.

Lovers of the McDonald’s Egg McMuffin will want to ditch the Golden Arches after trying Hash N Dash, a South Bay pop-up. Chronicle associate food critic Cesar Hernandez describes it as if a “McMuffin and Oklahoma City-style fried onion burger had an affair in San Jose.” If that hasn’t sold you, maybe the promise of crispy sausage or smoky pork belly will.

In the East Bay, a vintner is turning traditional wine on its head. At Free Range Flower Winery, winemaker Aaliyah Nitoto has swapped grapes out for California-grown flowers like lavender, marigold, hibiscus and rose. The result tastes nothing like soap or essential oils, but don’t expect it to taste like your traditional Chardonnay.

Drought conditions have left Lake Tahoe water levels low, exposing the lake bed.

• State water woes: Who wins and who loses in California’s water crisis? We analyzed the data to see where water is heading as contractors request supplies.

• Train tragedy: Officials released the names of three people who were killed in a weekend Amtrak crash in Contra Costa County.

• Homelessness crisis: San Francisco’s nighttime sweeps of homeless encampments in the Mission District are rankling local Latino advocates. They're proposing a pilot program called El Proyecto Dignidad to connect them with more resources.

• Crime news: An on-duty San Francisco police officer was booked on suspicion of theft, fraud and forgery, the fourth active or retired officer arrested this year.

• By the line: A constitutional law professor dissected the Roe v. Wade opinion. Here’s what you need to know.

• Food or friend? A dramatic underwater photo from the Monterey Bay Aquarium shows starfish eating a dead sea lion.

• NextSF: What if we could stop people from becoming homeless before they lose their housing?

• Stars and stripes: If you’re looking for a place to celebrate the Fourth of July, Datebook has a running list of block parties, festivals and official fireworks displays.

Gov. Gavin Newsom reached a deal with legislative leaders to provide “inflation relief” payments.

That’s the sound of direct deposits and debit cards landing in the hands of most Californians.

Under a budget deal announced by Gov. Gavin Newsom and state officials, inflation relief is heading to residents, with stimulus payments ranging from $200 to $350 per person.

The catch? These payments will not start until October, and legislators said it’s likely the rollout will continue into early 2023.

Read more from Sophia Bollag.

Bay Briefing is written by Gwendolyn Wu (she/her) and sent to readers’ email inboxes on weekday mornings. Sign up for the newsletter here, and contact the writer at

Gwendolyn Wu is the writer of The Chronicle's flagship newsletter, Bay Briefing, and an engagement reporter. As a Hearst Fellow, Gwendolyn previously worked as a business reporter at the Houston Chronicle, focusing on the health care and biotech sectors, and a metro reporter for The San Francisco Chronicle, where she was part of the award-winning breaking news team that covered the deadly Camp Fire.

Originally from the San Fernando Valley in Los Angeles, Gwendolyn graduated from the University of California, Santa Barbara with degrees in history and sociology. Follow her on Twitter @gwendolynawu.