For anyone who is following Bay Area home trends, it comes at no surprise that the home supply is down and prices are up. A recent study shows, however, that prices are well over 10 percent higher than they were last year in some areas.

Per the Mercury News, the California Association of Realtors recently released a June home sales and price report that showed the Bay Area’s price increase is one percent higher than the state average. 

The Bay Area as a whole has increased 7.9 percent from last year while California has increased 7.0 percent. To put a price tag on it, the Bay Area homes are selling on average for $908,740 while the state average sale price is $555,150. 

Specific counties in the Bay Area have well exceeded the state average: Santa Clara County home prices are up 12.6 percent, Alameda County sales prices are up 12.1 percent, San Mateo County home prices jumped 9.8 percent, and San Francisco's home price tags went up 8.8 percent from last year.

As far as the highest per-square-footage priced homes in the state of California, the Bay Area takes the cake. Broken down by counties again, San Francisco came in priced at $909 per square foot, San Mateo at $848, and Santa Clara was $662 per square foot.

The report also showed California counties’ difference in home supply from last year to this year. The counties with the sharpest decline in inventory were in the Bay Area as well, with San Mateo at number one, followed by Santa Clara, Alameda, San Francisco, and Contra Costa. 

Not only are Bay Area homes limited in supply and higher priced than last year, they are also selling for an average of $200,000 over the asking price, and at an alarmingly fast rate.