This article has been updated to reflect recent changes in the San Francisco Bay Area housing market. Motivated home buyers drove prices and sales up in October in a tight housing market. As mortgage rates hit another record low in October, homes are being snatched up quickly, with bidding wars driving Bay Area home prices well above asking prices. The median sale price of an existing Bay Area single-family home climbed to $1.1 million in October, which was up 3.8% from September and 17% higher than last October.
These trends are defying the usual slowdown that hits the real estate market in the fall. The summer buying season has carried over to the fall and is in full swing. According to C.A.R., Bay Area's housing price growth was the second-largest price increase in the state of California after the Central Coast that led the pack with an increase of 25.9 percent (YTY).
Within the Bay Area housing market, San Francisco was the only county with a drop in price, with its median price declining 1.5 percent from October of last year. All counties of the San Francisco Bay Area except Solano experienced year-over-year sales gain in double-digit percentages with Santa Clara posting the highest sales growth of 32.4% followed by San Mateo (29.1%).