• The Hot Housing Market Enters a Cooldown •
During the pandemic, home buyers lamented a lack of inventory, which helped push prices to record highs. But all of a sudden, homes for sale have soared across the country and listings are piling up – and especially in California.
The Golden State saw the seventh biggest increase in homes on the market in May, as 37 percent more houses became available compared to the month prior. As emphasized at SiliconValley.com, “California’s average jump from April to May in 2017-19 was about 8%. This year’s jump was 4.5 times bigger.”
Despite this jump, California sales declined, which could indicate a cooling. They dropped 10 percent compared to a year ago and 5 percent from March. Though interest in buying is falling, rental prices continue to soar, so it still makes sense to lock in a monthly housing cost and buy a house. After all, real estate has ranked as the best long-term investment for nine years in a row now.