Housing Prices in L.A. Aren't Letting Up - Los Angeles Times

The median home price in LA county has hit half a million dollars. In Orange and Ventura counties, it is even higher at $600,000. Those hoping for a housing market crash should not hold their breath as all indications are that prices will not be dropping as it did in the past housing downturn in LA in the early '90s.

In the meantime, home ownership will continue to be out of reach for many people in Southern California. As the article says, in LA county:

To buy a house at the median price, a household would need an annual income of at least $120,000 to qualify for conventional financing with a 20% down payment. The county's median household income: about $47,000.