The California Association of Realtors most recent monthly home sales and price report shows that the median sales price for a single-family home in the nine-county Bay Area was $775,820 in December, an increase of 6.3 percent year over year.

On the other hand, Bay Area sales volume decreased by 12.8 percent on an annual basis.

Analysts agree that 2017 will be challenging for home sales in the Bay Area given the ongoing low inventory, rising interest rates, high prices and continuing uncertainties over the upcoming political climate.