First, it was a feared exodus from Bay Area cities fueling bidding wars in wine country and along the coast. Then it was a home-buying boom in Oakland and surrounding suburbs. In recent months, home prices have soared again in San Francisco and Silicon Valley.Put all of that activity together, and is it any wonder the Bay Area’s median home price hit a record $1.3 million in April? The region’s eye-popping gains helped drive the entire state’s median home price above $800,000 for the first time ever, according to new data from the California Association of Realtors.
Despite the overblown panic about people leaving for Austin, Miami, or elsewhere, those on the front lines of the region’s frenzied housing market say the pressure has been building for months.