clouds block visibility on what's next for housing, since tech stocks are in limbo.

San Francisco, one of the most expensive home markets across the nation, is facing the winter chill on high-end, luxury homes. The reeling stocks of technology firms and the worrisome global economy have made some well-heeled buyers start to hesitate. CNBC staffer Josh Lipton queries real estate professionals in the local market about the phenomenon. Lipton writes,

As technology stocks slide — the Nasdaq is down 15 percent this year — and private tech valuations suffer, real estate brokers say the feverish clamor for high-end homes in San Francisco has quieted.

"Somebody who might have pulled the trigger at $5 million last year now might be a bit more cautious," said Josh McAdam, a top producing real estate agent with Pacific Union in San Francisco. "It's not the same environment."

Christopher Palmer — an associate professor at the Haas School of Business at the University of California, Berkeley, who specializes in the housing markets — said the biggest threat to price appreciation is a downturn in tech because so much of the Bay Area economy is reliant on the sector.

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