This month Californians worried about the cost of housing were offered the rarest of gifts: a glimmer of hope. New numbers released by the Newsom administration show that California added homes to its housing stock at a faster clip than any time since the Great Recession — 123,350 additional units, or an increase of 0.85%.
Gov. Gavin Newsom and top Democrats have repeatedly vowed to reform California’s landmark environmental protection law, which many blame for the state’s inability to build enough housing.
The covid-19 pandemic was a great year for homeowners. Prices soared, encouraged by record-low interest rates. This was as true in California compared to any other state, despite having some of the highest average prices in the country even before 2020.
The housing market has seen significant changes in the past year. Mortgage interest rates have been climbing and housing inventory has declined. Even though the median home sales price in the country has dropped, it’s still a challenge to find affordable real estate.