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Your friend bought and sold a condo in the same year or so? Maybe I'm interpreting this wrong.

Cause the transaction costs alone are about 10% on a home sale, so it's not something you want to treat like switching apartments every year when they jack up the rent 10%.

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Depends on the neighborhood. Arguably, bay area prices peaked in October of 2015, and have been flat or down slightly. If you convert housing prices to $/square foot, it hit and has been flirting with the "magic psychological price point" of $1000/sq ft price for a long time. There are many exceptions to the rule (of course) but you can see prices racing up to a city-wide average of $1000/sq ft and then flattening out quickly if you look at a graph.

Bought in 2019, now worth ~5% less, not even counting transactions costs.

Condos took a big hit in SF during Covid. Starting to recover, but now with increasing interest rates, it may be a while.

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