Experts: Chinese not fueling price surges in Bay Area

According to a report based on the S& P Case-Shiller index, San Francisco home prices soared 23.1 percent in July year-on-year, leading to talk of a housing bubble among Chinese buyers.

But several experts disagree that they are the main contributors to the price rise. Many, including local real estate agents, regard the increase not as a bubble but rather a sign of recovery in the Bay Area housing market.

Patrick Carlisle, chief market analyst and vice-president of Paragon Real Estate Group, told China Daily: "It's not uncommon to see this sort of fast appreciation in the early years of a market recovery after a long recession. San Francisco is now two years into the recovery that began in early 2012.