Bay Area home prices hit another record and sales surged in October, defying seasonal slowdown

Bay Area single-family home prices hit another record high in October and sales were up 19% over last year, defying the usual slowdown that hits the real estate market in fall, according to a California Association of Realtors report out Tuesday.

“Typically by September we should have the end of home-buying season,” said Oscar Wei, the association’s senior economist. The busy season was extended this year because mortgage rates hit another record low in October and the market is still playing catch-up from April and May, when sales fell off a cliff amid stringent shelter-in-place rules.

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