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Historic low interest rates, low inventory, and people finally are allowed to go out and buy stuff with less competition due to covid and economy (many lost jobs so can’t compete anymore).
It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.
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