Despite persistent high mortgage rates and higher prices, home sales in the nine-county Bay Area rose in November at a rate of 14% for single-family homes and 29.4% for condos over last year.
The median home price in the Bay area increased at a rate of 5.3% for $1.32 million since last November.
There are also more homes on the market as compared with last year. In November, unsold inventory as at 2 months compared with 1.8 months last year.
Analysts say that bidding wars are still occurring as well as multiple offers.
At the current rate it is hoped that 2024 will see higher overall sales than in 2023 with signs pointing toward an even better 2025.