You might think that housing in the Los Angeles area has peaked and is about to crash, but housing prices continue to rise. Housing in LA County has gone up about 5.5% over the past year according to the LA Times1, and that is in spite of the COVID lockdown.
What is happening is really simple: too much demand, too little supply. Too many people are reaching the point in their lives that a home is really needed. And, there are simply not enough homes available to buy. The result is a continuing increase in prices. Competition for desirable homes creates a competitive situation. If you are looking for a home, be prepared to pay over the listed price.
