After getting hit hard during the housing bust, home prices in Los Angeles have come roaring back -- and that has made it that much more difficult for area residents to afford to buy, according to NAHB.

But a lot depends on where you live. Stratospheric prices are the rule near the beaches but east of downtown, values more closely resemble those of the cheaper "Inland Empire" cities of Riverside and San Bernardino, according to Leslie Appleton-Young, chief economist for the California Association of Realtors.

And with workers seeking to avoid LA's traffic-clogged commutes, more homebuyers are willing to pay a premium to live closer to work, said Appleton.