Where is California’s housing inventory?

Leslie Appleton-Young, chief economist for the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), has a column featured in State Treasurer John Chiang’s newsletter to analyze the state of housing inventory in California. She notes that C.A.R.’s Unsold Inventory Index has been experiencing a downward trend due to such factors as economics, demographics, and tax policy—among others. She notes that current homeowners are simply staying put longer, which has greatly affected the turnover rate for the California housing stock. Appleton-Young adds, “While this is a great time to sell, owners know that by becoming buyers they are putting themselves into a market that continues to be competitive and values are high. Why sell when there is nowhere to go, particularly if they want to stay in the same area with high valuations.”