Realtors are using the words “overbid madness” to describe what’s happening in San Francisco’s housing market. One case in point is a home that was sold hundreds of thousands above the asking price.
The real estate tracking firm DataQuick says the median price for homes in the nine-county San Francisco Bay area reached $555,000 in June, an increase of 6.9 percent over the previous month.
Bay Area home sales reached a five-year high in January even as the median home price continued to fall.
Home sales are dropping once again in the Bay Area as buyers and sellers react to the bad economic news.