SF Bay Area is practically back in 2005 numbers. Some local differences with the outskirts not as crazy, but the hot centers like the South Bay and SF making up for it.
It is fueled by a combination of foreign money and an excellent job market with well paying positions at the tech centers. Who doesn't fit that demographic, makes up for it with dual professional incomes or shared housing (3 generation families).
I don't think it is ending any time soon here. It is insane. This is the hot bed of the tech sector. Apple, Google, Facebook, LinkedIn, Ebay, Yahoo, Cisco, you name it, all within 10 miles from each other.
I sure am glad I bought many years ago. That east side of the Sierras in NV is starting to look like a pretty good idea!
G