Why is the California housing market relevant this spring? It’s all about opportunity for sellers, and how they can still command a good price for their home, condo or rental property. It’s as resilient a form of asset as an investor can dream of.
The appeal of densely populated areas such as San Diego, Los Angeles, San Francisco, San Jose, and Sacramento almost never fails. And even as the Corona Virus pushes people into the surrounding regions, it’s barely having any effect on home prices here.
The shutdown continues its devastation on the California economy, making the need for action from the California government so important. Of it’s the same of any US state housing market and other consumer markets.
However, home prices in California are very high given the sad state of the California economy at present. The upward price trend is much steeper than experts would expect.
In fact, sales were at their lowest since 2008. April’s homes sold totalled 277,440 units which is well down from March’s numbers. CAR notes that the Bay Area suffered a particularly steep decline, down 37.4% YoY. And in So Cal, sales plummeted 30.2%, while in the Central Valley, sales fell 26.1%.
Pending sales due to the stay at home orders, plummeted 43%. Home showings dropped steeply in mid march and while they are increasing, they’re still well less than April 2019 numbers. We can finally see the steep effects of the Corona Virus shutdown recession.
Price starts from USD 849,880