Median House Price in SoCal at All Time High

Even with rising rates, inflationary fears, and increased inventory, home prices in Southern California hit an all-time high in August 2005. From Median Price Of San Diego Home Over Half-Million:

"The median price of an existing home in the San Diego region last month was $616,870, 6.5 percent higher than the same period a year ago, according to a Realtors group. Sales in the region last month were up 5.4 percent when compared to July, and 3.1 percent higher than in August 2004, when the median home price was $579,040."

Is this figure - $616k and change - going to be the all-time high for the far forseeable future, or do we have more appreciation ahead of us? It's hard to imagine that the bubble will continue, that September's median price will eclipse August's, but stranger things have happened. What's especially telling is the poll on the article, which queries readers for the amount of home they can afford to buy. 80% of the readers indicate that they can only afford a home between $0 to $300,000.