Condo prices in downtown LA are soaring where the median sales price has risen $90,000 over the last year. Most of the new development in downtown LA is aimed toward the luxury market, which most likely has contributed to the price boost.
Median home prices remain at an all time high for the third month in a row at $575,000. The median price right before the real estate bubble burst in 2007 was $550,000.
California home prices forecasted to continue rising in 2018. Experts believe home prices will continue to rise although at a slower rate (a predicted 1% increase in 2018), mostly due to continued low inventory that will keep home prices steadily rising for the next 3 to 5 years.