do you think this crazy skyrocketing home price in socal is new normal?

I've wanted to purchase home for an while. Before I didn't have enough down payment. so, I couldn't purchase. Now I have about 200-250K for down payment, and want to buy 900-1000K to avoid jumbo loan (in socal, 1M home in decent area is not luxury expensive home). I wanted to have 2500-3000 sqft, with lot 5000 or larger, no more than 40 yrs old.

Just until a few months ago,typical price per sqft was $350-400 and those 2500-3000 sqft home in decent areas typically costed 900k-1100K. but now, home price has been skyrocketing and typical $ per sqft is $450. I see some homes are listed as $550 or higher. And those 2500-3000 sqft home would cost 1-1.3M now. I'm worried that if I wait longer, with 1M, you can only get 2000-2250sqft home. Some home less than 2000 sqft are already listed as 1M or higher.

News indicates low interest rate will stay for an while and peoples are moving to suburb and people are looking for larger home so that they can work at home. It seems those wont change at least for a long time. And also, unlike house bubble during 2000-2007 (where many people who couldn't afford mortgage were able to get loan from bank), these days, people who are actually capable of paying mortgage are buying those homes. So, they wont lose those homes unless they lose their job. So, I guess no one knows for sure, but, do you think this crazy skyrocketing home price are new normal and homes in socal suburb will be unaffordable for many first time buyer?