UPDATE: This is obviously a commercial product, so I hunted around on the net and found the Huntington Bike Rack for only $36. A similar surfboard rack for bikes is the Side Ride Surfboard Bike Rack; this one is $60. La Jolla Surf Shop also carries The Mule for $99. The Mule is a fabric pocket that seems to attach to the seatpost into which you slide the surfboard. The surfboard trails behind the bike on some dolly wheels.
My dad surfed as a teen growing up in Orange County, using the huge boards they had back in the day. I grew up inland and have barely touched a board so this is all very new stuff for me.
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I grew up in Orange County (Huntington Beach) and all the kids have some sort of this on their bikes for cruising to the beach. Usually they have them on their old beat up beach cruisers and take a leisurely bike ride before hitting the waves.