The housing market in California has been cooling for at least the past six months, and it is expected to cool further. CNBC reports:
While job growth and the California economy remain strong, weakness is apparent in the state's housing market and it is likely to cool further going into 2020, according to the latest UCLA Anderson Forecast, released Wednesday.
"The housing markets are softening in California, and it's not just the tony neighborhoods of San Francisco, Silicon Valley and West LA," said Jerry Nickelsburg, an adjunct professor at UCLA and director of the Anderson School of Management's forecast. "This is a statewide phenomenon."
The economist said anticipated demand for housing throughout the state has been lacking despite the strength of the state's overall economy and positive trends in the job market.
