> Agreed, but the OP's point was that while obviously desirable it wasn't at the price that it currently stands.
Median home prices (which are actually median prices of homes sold, which is important to keep track of) in California are deceptive right now because there is very little inventory for sale. What is being sold is mostly being sold at high prices, because very little is being sold at all, what is being sold tends to be sold by people who are fairly well off (and thus, to be high end) because the collapse hollowed out much of the rest of the market, and banks are a lot more reluctant to loan than they were before the crash, so the people that are able to buy tend to have lots of money.
Its not a rapid rise in market value of existing real estate, or even a rapid rise in the price for like real estate.
Median home prices (which are actually median prices of homes sold, which is important to keep track of) in California are deceptive right now because there is very little inventory for sale. What is being sold is mostly being sold at high prices, because very little is being sold at all, what is being sold tends to be sold by people who are fairly well off (and thus, to be high end) because the collapse hollowed out much of the rest of the market, and banks are a lot more reluctant to loan than they were before the crash, so the people that are able to buy tend to have lots of money.
Its not a rapid rise in market value of existing real estate, or even a rapid rise in the price for like real estate.