Honestly, it is really pretty crazy in CA for housing, but it appears to be investors that are doing much of the bidding up. A couple people I work with had trouble finding homes - being outbid, competing against cash offers, etc. It’s weird.
Fed-res cash is abundant, rates are low, pent up demand, and prices still somewhat reasonable at least in the hinterlands. The perfect formula for an investor/family driven real estate boom. Of course we all know what will follow in this bizarro world.