The most common question we get is "how is the market" or "where are we in the cycle.
Housing prices have typically been a function of price, interest rates and income. House prices are based on affordability. Prices are affected by the percentage of income going towards housing costs, When rates are low, you can afford more. As incomes go up, you can afford more.
As we know rates are historically low and incomes have been stagnate for over a decade. Where are we in the housing price cycle in California. Check out this article that graphically shows where different markets in California are at today. Information is provided John Burns Real Estate Consulting.
Each market is different and some are quite high!