California's housing market is cooling off faster than any other US state, even though it's still really costly to buy a home there

Quick Summary:

As housing demand fades, several cities in California have seen home prices fall more than 5% from peak values earlier this year.

According to the stats, San Francisco, San Jose, San Diego, Los Angeles, Sacramento, and Oxnard (which is located near Ventura) have all seen home prices fall more than 5% from their peak values earlier this year.

And then there are also higher than average property taxes which further adds to the state's lack of affordable housing options — a predicament that has only worsened during the pandemic.

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Article Details

Category: Economy

Markets: United States

Topics: Price growth Real Estate Home Prices Mortgages California Real estate market Home sales Homebuyer migration Housing inventory Housing values

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-12-03 @ 13:00:00 (2 months ago)

News Timezone: GMT -5:00

Ranking: #707 (out of 5306 stories this day)

News Source URL: businessinsider.com

Language: English

Article Length: 765 words

Reading Time: 5 minutes read

Sentences: 49 lines

Sentence Length: 16 words per sentence (average)

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Copyright Owner: © Business Insider

News ID: 2119332

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