Will The California Exodus Bring Home Prices Down In The Golden State?

Well, you would think so, right? But, it's just not happening. Yet. Reading, reading, reading. Came across this article:

California is losing population and building new houses. When will home prices come down?

Click on the above link if you have about 10 minutes to read and digest the entire article.

Or, take a couple minutes and here are the clips that interested me the most so I kinda figure you'd be interested in them as well.

* 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%.  

* Over that same period, the state’s population declined, marking the third year in a row that it’s fallen from one new year to the next.

* Put those two numbers together and a surprising statistic emerges: There are now more homes per person — 3,770 units for every 10,000 Californians — than there have been since at least 1991. 

* The totals since 2020: roughly 430,000 new homes and some 821,000 fewer Californians competing to reside within them.

* But, COVID made it worse. People left their roomies and spread out as they could work from home. What used to me a few adults in ONE home, now is taking over 3-4 homes.

* On the great Exodus ~ “The ones who are older are leaving because they’re (homeowners) cashing in their gains,” he said of the nearly 8 million ex-Californians who exited the state last decade.” The young people who are leaving, we now think, are leaving because they can’t buy a house here.”

And even if those departures do ultimately alleviate the state’s scarcity of homes, it’s not the solution to the problem that anyone should want, adds Johnson from Public Policy Institute of California.

“I don’t think any of us who have been advocating for building more housing in California — to help alleviate the shortage of housing we’ve had and to improve affordability in the state — thought that the best path was just to have the state start to depopulate.”

Our future retirement home is not in California. Our money stretched so much further out of state. While we've lived, and loved, California our entire lives, and we make a fantastic income, California is just too expensive for  too many.

California? We Should Do Better.