California’s Housing Market Is Collapsing
0:52
California’s Housing Market Is Collapsing
Dec 15, 2023
NewsweekGiulia Carbonaro
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FacebookTristan Ahumada
California’s housing market has a big problem — homes aren’t selling. The average days on market just hit the highest level in a decade. And the reason is simple — affordability has collapsed. Right now, a typical buyer in California pays about $4,800 per month for a mortgage, including taxes and insurance. Before the pandemic, that number was only $2,500, meaning the market is now twice as expensive as normal. Yet, many sellers haven’t caught on — they’re still overpricing their homes. Values i
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