According to a new report from Douglas Elliman, Downtown Los Angeles condo prices have exploded in the past year. Median prices for condo sales in LA sat at $530,000 in Q3 of 2016, and have now risen all the way up to $620,000. 

Curbed LA grabbed some quotes from report author Jonathan Miller about the findings, which show a rapidly escalating marketplace amid low inventory. Particularly, he pointed out one main reason for the price hike:

“Most of the new development is skewed toward higher-end property. The mix is shifting toward larger or more luxury-style product.”

Another recent report showed new condo inventory dipping below 400 for the entire Downtown LA area. Curbed counted about 1,000 units in the works in South Park alone. But again, those are trending toward luxury units. Even when those are complete, prices could continue to rise.