While overall Bay Area pace of sales in May still trends 2 percent below last year’s levels, some regions are starting to see sales pace pick up ahead of last year. Sales below $1 million are up for the second month in a row after more than 20 months of annual declines.
I will pick some regions below most people here care about. Read the whole report for more details.
SAN FRANCISCO — SINGLE-FAMILY HOMES
Median home prices for single-family homes continued with a strong upward trend, bringing San Francisco‘s May median prices to $1,697,500. Number of homes under contract also continued to accelerate with almost 50 percent of homes available for sale being under contract. See San Francisco single-family-home market statistics for May.
SAN FRANCISCO — CONDOMINIUMS
At $1,250,000 median sales price, San Francisco condominiums trended only slightly below last year’s median price mostly reflecting the change in types of units being sold. Buyer activity remains strong and the share of units under contract picked up again, up 8.1 percent points year-over-year to 37.7 percent. See San Francisco condominium market statistics for May.
SILICON VALLEY
Silicon Valley median prices picked up in recent months and reached $3,350,000 in May, 1.5 percent ahead of last May. Buyers otherwise remain more restrained than last year, taking longer to decide to purchase, leading to an average of 27 days on market. See Silicon Valley market statistics for May.
Mid-Peninsula Subregion
The median sales price in the Mid-Peninsula continued to trend lower in May compared to last year. Homes under contract were down 6.3 percent with average days on market 10 days slower. See Mid-Peninsula market statistics for May.
EAST BAY
While retrieving slightly from the previous month’s peak, median home prices in the East Bay in May remained ahead of last year, at $1.2 million. The pace of sales activity also picked up again with homes selling on average in 17 days, only a day longer than the 16-day average seen last spring. See East Bay market statistics for May.
Silicon Valley median price $3.35M? I don’t think so. Is this a gross error?
They are much richer than we thought. 
Based on their definition of Silicon valley, I think it is very possible for median price 3.35M.
What’s their definition of Silicon Valley? We need to know the elite Silicon Valley.
Do they get the median price based on their own sales or based on all sales?
Defining Silicon Valley: Our real estate markets in Silicon Valley include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the adjoining chart includes all single-family homes in these communities.
Menlo Park on the wrong side of 101 ain’t no Silicon Valley.
So exclusive
Sue them for discrimination. None of these “Silicon Valley” cities have any semiconductor companies. They should call it non-silicon valley
They meant silicon in people’s bodies.
That’s Silicone Valley aka LA. 
Silly Con Valley
Silicone nose or silicone breast?
Seriously, they should not steal the name of Silicon Valley and should invent some hot new names, such as Sand Hill, Silicone Heights etc
Fwiw sf area is still very hot and very much a seller’s market, I have bid on multiple houses/condos with very little luck. Good properties are.going 25-40% over list price.
I
Which area are your bidding? How’s the price action you are seeing?