Some believe home prices for homes around $500,000 have hit rock bottom and are ready to start that bounce. This belief is due to the fact that construction stocks are on the rise as well as REIT fund. As for luxury homes in Los Angeles the market is still soft. Average price for homes in Studio City is around $690,000; Beverly Hills- $1,887,200 and Bel Air $1,767,800. So there are still deals to be made in that market.