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Looks like the seemingly relentless surge in the Bay Area housing market is subsiding. NBC Bay Area reports:

Pending home sales in the United States are down for the seventh straight month. In the Bay Area, that translates to more time on the market and fewer bidding wars.

For Robert Hernandez, a longtime renter in the Bay Area who works in tech, the drop in bidding wars gives him hope he now has a chance to purchase a home.

"That is amazing news for us," Hernandez said. "But it's great to hear that there's not so many bids going in per house anymore."

Realtor Mike Gaines said prices on large properties are falling too, even in longtime hot spots. He called the housing shift a correction in the market.

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