Although the trend began before the state’s economy was rocked by the COVID-19 pandemic, it has accelerated in recent months.
“The recovery has been heavy on housing, because our homes are more important to us than ever before. We’re working out of them. We’re living out of them, etc., and that has created this perfect storm,” said Jordan Levine, vice president and chief economist at the California Association of Realtors.
Levine believes the strength of the housing market is a testament to the state’s robust economy. It also signals a steady desire by aspiring home buyers to live in California, despite the high cost of living and the state’s varied issues.