California's housing market is under pressure as home listings rise significantly, with a 44% increase in February compared to last year. This trend, while only part of a national context, indicates a potential slowdown in price growth or even declining prices in some cities. According to Nick Gerli, the growing inventory signals an oversupply, which could lead to price concessions by sellers. Regions like San Diego are particularly affected by affordability issues amid rising prices. Despite these warning signs, inventory is still relatively low compared to pre-pandemic levels.
The supply of homes listed for sale in California is surging, rising 44% in February compared with a year ago, indicating a potential slowdown in home price growth.
It's very realistic to expect that, based on the more than 50% year-over-year inventory increase in some of these California markets, we're going to see a big slowing in home price growth.
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