Home prices tend to be pretty sticky downwards especially for anyone who hasn't already had significant appreciation. (Though admittedly, a lot of homes in the Bay Area have appreciated a lot unless they were purchased recently.)

That said, I expect most people leaving are those who were renting, perhaps because they couldn't afford to buy. Now they're either renting somewhere cheaper or they're possibly buying if this was something they were thinking about anyway.

Home prices are very sticky. For mental and financial reasons people are very reluctant to price their homes below the rest of the market. During the 08 crash some houses were on the market for years.

People aren't moving out of homes in the bay area, they are moving out of apartments in the bay area to where they can actually afford a home.

I wonder how long it will take for Bay Area real estate to take a hit if the pandemic continues longer and/or remote working becomes significantly more common.

That does seem surprising given the massive drop in rental prices there since May. Perhaps the low interest rates are keeping the prices up?