So, yeah, either the LA portion of the bubble is just puffing for a louder poof or there ain’t no bubble as of Spring 2006.
If this is a bubble, it’s sure taking a long time to pop.
For the first time, the median price of a Los Angeles County home topped the half-million-dollar mark last month, data released Wednesday showed.
Four years ago, the median was half that. By doubling in such a short period, it’s no wonder Los Angeles County appears on many lists of the nation’s most-overvalued home markets.
The increasing prices comfort recent home buyers such as Brian Kite. The West Los Angeles resident waited three years to buy a house because he thought prices were too high. He plunged in about a year ago, spending slightly more than the median price for a three-bedroom home not far from UCLA. The median is the level at which half the homes are sold for more and half for less.