California Real Estate Market Slows

Sales are ↓31% versus the last 18 years, far steeper than the national ↓6%.
High interest rates keep buyers sidelined; sellers resist swapping low-rate mortgages for much higher rates.
Insurance costs are rising amid wildfire impacts and limits on premium increases, disrupting the state’s insurance market.
New taxes like Measure ULA in Los Angeles and slowed construction contribute to low inventory and weaker confidence.
Author says fixing high costs and burdensome regulations is crucial for California’s future prosperity.