Remote-Working Prospects + SF is a Needle/Shit-Infested Cesspool = Young Rich Families Moving to the 'burbs.
They have deep pockets and wanted space: that dynamic drove demand around us to escalating heights for months & months.
FWIW, however, it feels to me like the real estate market has peaked. Two months ago, my wife & a college pal who lives nearby in the same zip code & I would play "Guess the Closing Price" on attractive Redfin listings. My rule was to add $500K to asking, which was pretty close to reality. Now, you're seeing aggressively-priced houses sitting longer, and in some cases, not moving.
What's even more insane is the pricing of desert property out near Joshua Tree, a market I have watched religiously with purchase-intent for 20 years. I mean... desert shrub land without water or utilities used to be highly illiquid & cheap out there. Now... $151K (originally offered at $99K) will buy you this: