California Housing Collapse JUST GOT WORSE (2024 will be bad)

California's Housing Market Crash just got even worse for Homebuyers in 2023, with inventory on the market plunging by -23% over the last year. And up to 50% in certain metros.

Use Reventure App for free: https://www.beta.reventure.app/dashboard

This plunge in homes for sale is now causing home prices to stabilize, with data from Zillow showing that values are down -4.4% YoY across the state. And up to -10% in San Francisco. These prices actually went up this spring and early summer due to a lack of inventory on the market.

In some areas in San Francisco prices are down as much as 20% over the last year and values are back down to their levels five years ago. However, in real estate markets such as San Diego and Los Angeles the price dece declines aren't as bad.

The big issue in California's Housing Market is that home prices are way too high, which combined with 7% mortgage rates, means locals can't afford homes. This lack of affordability has caused home sales to collapse according to data from the California Association of Realtors.

However, the collapse in sales is not leading to an increase in inventory and homes for sale. That's because sellers across California are remaining stubborn, with new listings down 30% YoY according to Realtor.com.

Ultimately more listings will need to hit the market before we see prices drop further, which will likely require an increase in the unemployment rate and more mortgage defaults.

---
REVENTURE APP: https://www.beta.reventure.app/dashboard

JOIN as a CHANNEL MEMBER ($5/Month): https://www.youtube.com/channel/UCVTQunGrE3p7Oq8Owao5y_Q/join

DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Neither Reventure Consulting or Nicholas Gerli are registered financial advisors. Your use of Reventure Consulting's YouTube channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, YouTube, E-Mail, and Instagram) for communications with Reventure Consulting does not establish a formal business relationship.

Image(s) and/or Footage used under license from Shutterstock.com. https://www.shutterstock.com/
Additional stock footage provided by Envato Elements. https://elements.envato.com/