The housing market in California is exhibiting a significant increase in the number of homes listed for sale, rising 44% year-over-year in February, which outpaces the national average. This increased housing inventory, particularly in cities like San Diego where listings rose 61%, suggests a potential slowdown in home price growth across the state. Experts predict prices may trend flat or decline in certain areas, exacerbated by affordability challenges for local families, though the overall inventory remains low compared to past levels.
The supply of homes listed for sale in California is surging, rising 44% in February compared with a year ago, highlighting a concerning trend for 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.
California's housing supply is expanding from a state of severe shortage, with only 0.6% of the state's homes on the market, indicating uneven effects across regions.
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