California Housing Market Hasn't Been a Buyer's Market in 12 Years
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California has not had a "buyer's market" for homes in 12 years. The last one was in February 2012.
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In a "buyer's market" there is ample supply of homes for sale, prices are falling, and homes sit on the market longer. This coincides with weaker economies.
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"Buyer's markets" used to be common in California, making up 79% of the 1990s and 27% of the 2000s.
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The 2010s had almost no "buyer's markets" at just 3% as housing rebounded. The 2020s so far also have no buyer's markets.
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The definition of a "buyer's" or "seller's" market may need to change given shifting real estate trends. The supply differential has widened in the post-crash years.