Set at the top of historic Rose Walk, the lightly updated Arts and Crafts–style residence by Julia Morgan has panoramic views of the San Francisco Bay.

Uncertainty about the job market is also making prospective buyers nervous about making a big purchase. “Buyers are being really choosy,” said Megan Micco, a real-estate agent in Berkeley, Calif. “Buyers are saying, ‘If I lose my job, we need to be able to cover this...