NorCal Monthly Market Insights Report: May 2023

Over the past 40 years alone, the San Francisco Bay Area has seen 4 major upcycles or housing booms. In each, there have been enthusiasts who argued that this time the boom times would never end – but each ended, typically after hitting a final peak of what economists call “irrational exuberance.” Upcycles were followed by market corrections or down-cycles, during which many predicted (often gleefully) that the Bay Area was on an endless downward spiral – but recoveries followed. Housing and financial markets have always run in cycles, both economic and psychological, but, so far, since the days of the Gold Rush, despite all its booms and busts, the Bay Area has always rebounded once more.

The Bay Area is one of the world’s great metropolitan areas – as a financial and cultural center; in the spectacular beauty of its setting and surrounding open space; as a hothouse of innovation; in its diversity, openness and opportunity – and despite its current round of challenges, we expect it will continue to be so for a long time to come.


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