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TheStreet Open House

5 Warm-Weather Cities With Blistering Hot Real Estate

Fourth-warmest U.S. market: Los Angeles
Mean winter temperature: 58.2 degrees

Los Angeles listings posted on Realtor.com plummeted by 41.3% over the past year, while median asking prices rose 12.3%, to $359,900.

As noted previous, those are normally signs of a market rebound -- but John Capiro of Re/Max Beach Cities Realty believes L.A. housing is actually improving about as slowly as a Hollywood star in rehab.

"The market really isn't recovering," he says, adding that prices are only rising because of a freakishly low supply of available homes.

Capiro says few lenders are bothering to foreclose on L.A.'s legions of delinquent borrowers, so "underwater" homeowners (those who owe more on their mortgages than their properties are now worth) have little reason to sell.

"It's a crazy market," he says. "I haven't seen anything like this before in the 27 years that I've been practicing real estate."

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