The Wall Street Journal has a piece noting that things are (maybe) slowing down a bit in the EssEff area.  They note

San Francisco, once the hottest housing market in the U.S., is now one of the coolest, in a reversal that could presage a broader slowdown if more buyers decide it isn’t worth chasing rapidly rising prices.  Prices in San Francisco increased 5% in April, making the Bay Area one of the slowest growing markets in the U.S. and well behind markets such as Atlanta, Boston, San Diego, Las Vegas and Phoenix.

San Francisco’s apartment market also is sluggish. Average rents decreased 0.3% in the second quarter compared with a year earlier, according to data released this week by Reis Inc.

Economists said the weakening is being caused by a confluence of factors: slowing job growth, less demand from new buyers put off by high prices and, on the rental side, an increase in new apartment supply as developers try to cash in on a multiyear boom.

In many ways San Francisco is a unique market. The average home price has more than doubled since 2009, according to Case-Shiller, making a slowdown virtually inevitable. The number of home sales in the Bay Area in February sank to its lowest level since 2008, down 3.5% from a year ago and off 12.5% since 2015, according to PropertyRadar, a California real-estate research firm.

So supply and demand work their way back into some semblance of balance sans government price controls or perhaps in spite of it given SF's various flavors of rent control.  There are a number of For Rent signs around B'game–more than there was a year ago it would appear.  Good thing rents can float down as well as up…..