July 13, 2024

California Housing Market

San Diego real estate broker, Bob Schwartz, California housing market
San Diego real estate broker, Bob Schwartz

The National Association of Homebuilders just released a report listing US housing markets showing measurable and sustained improvement from their respective market troughs in housing permits, employment and house prices for at least six consecutive months. This latest report includes 73 metro areas that held their position on the list from last month as well as 11 new metro areas.

It’s speculated that the modest improvement in this improving market index indicates that individual housing market are regaining their footing despite some recent reports of weakening in the broader economy.

California Housing Market:

Now, for an inside take on this report, which I estimate the vast majority of news outlets won’t mention, is that when one looks at the individual markets noted in the national Association of Homebuilders Improving Market Index, of the 84 metro areas listed, just one is in California!

That one area in California is Hanford CA. Hanford is located south of Fresno California and it is an important commercial and cultural center in the south central San Joaquin Valley and is the county seat of Kings County, California.

So, with just one California Metro area listed in the improving market index, which state do you think came in with the most improving metro listings? Did I hear anybody say Texas? Well if you did, you are correct! Texas metro areas are the most prominent on the current National Association of Homebuilders current list. Texas metro areas came in with 11 listings of the 84 on the entire list!

California Housing Market vs Texas Housing Market

Oh, by the way, did you know that Texas has no state income tax? Do you think that less taxes may just have something to do with improving economic conditions?

What effect do you think the new, huge, California tax proposal up for vote in November,  if passed will have on the California housing market?

2 thoughts on “California Housing Market

  1. TX has no state tax, however it has 2.7% property tax.

    I am surprised to see only one Metro in CA is improving. I work on Fremont CA a lot, multiple bids, higher price, low inventory since Jan-2012. The same go for Tracy CA which is my area as well.

  2. Very interesting blog! I hope to see more California Metro areas on the list next time! We could definitively use a boost! Texas coming in at the top of the list came of no surprise to me either!

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