California Housing Market: Deep Slowdown, Not Crash
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Californias housing market is experiencing a unique slowdown, unlike the national trend or the 2007-2009 crash. Despite a 24% decrease in statewide home sales over the past three years, the median home price has risen by 9% to $710,000, nearing its peak. In contrast, national sales have increased by 13%, with a record median price of $372,000. Interest rates have played a significant role, climbing and then easing, unlike the crash years when rates fell, sparking some buying. Affordability has worsened, with only 30% of California households able to buy a starter home, compared to 49% during the crash. Recovery may be slow, as seen in the 8% sales bump and 15% price gain in California through 2012.
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