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Wednesday, November 30, 2022

California falls behind in home price gains

California falls behind in home price gains

California Falls Behind In Home Price Gains

The “Looking Glass” ponders economic and real estate trends through two distinct lenses: the optimist’s “glass half-full” and the pessimist’s “glass half-empty.”

buzz: Last year’s wild surge in the value of California homes trailed eye-popping gains elsewhere in the nation.

source: Zillow calculations of rising home values ​​in the states and the nation’s 50 largest metropolitan areas – including six in California. This math includes all homes, not just those that sold, plus appreciation as well as the addition of newly constructed residences. The data goes from last year’s pandemic-fired feeding frenzy back to 2011, the early days of the post-Great Recession recovery.

debate: Home values ​​are a depending-on-your-view metric. Homeowners, especially those who are sellers, naturally rising home value as good news.

However, house hunters – while often lured to ownership by profit potential – have a far different view. Housing inflation makes the finances of a purchase even more challenging.

Glass half-full

Owners were the winners of 2021. In California, values ​​grew by $1.38 trillion to $9.24 trillion. Note: This 17.6% jump was only the No. 22-largest surge among the states.

And look at 2021 percentage gains in home values ​​for metropolitan areas, three of six California markets ranked in the top half of nation’s big 50 …

San Diego: Up $196 billion to $910 billion, a gain of 27% — the seventh-biggest surge of the 50.

Inland Empire: Up $134 billion to $700 billion, a gain of 24% — No. 14.

Sacramento: Up $85 billion to $469 billion, a gain of 22% — No. 17.

San Jose: Up $121 billion to $867 billion, a gain of 16% – the No. 32 ranked surge.

Los Angeles-Orange County: Up $431 billion to $3.27 trillion, a gain of 15% – the No. 38 ranked surge.

San Francisco: Up $228 billion to $1.95 trillion, a gain of 13% – the No. 44 ranked surge.

Glass half-empty

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