The already dizzying Los Angeles housing market is poised to reach new heights, as the latest data from Zillow suggest that the median home listed in the city will soon cost more than $1 million.
As of June 30, the figure was $975,333, more than a 30% increase from five years prior. Statewide, six other cities were even more expensive and had already crossed the million-dollar mark: San Jose, Santa Maria, Santa Cruz, Salinas and San Francisco.
In Santa Cruz and San Diego — the major markets with the largest increases — median listing prices were up more than 40% over the last five years.
Source: Los Angeles Times - By Terry Castleman