Posted by Staff Writer on 11/6/2018 to Real Estate
IncSmart California (Small Business and Startups) - California suffers housing slump with the fear that a crash is coming to the real estate market. This is the worst time for real estate in over 10 years. The number of new and existing homes plummeted 18% compared to last year. California by far has the most expensive houses in the West. The current median home prices in California are $500,000, and home ownership in California is at a 70 year low. Median rent in San Francisco is $4200 a month.
High mortgage rates and overprices homes. Sales have been falling in California for 2018. Fewer homes are being built. Inventory is growing as sellers are overpricing homes that are for sale. California real estate agents are abandoning real estate licenses at a rate of 2300 a month.
Written by IncSmart Staff
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