Episode Details

California’s housing market is in freefall, with home sales plummeting 26% below historic levels — worse than the Great Recession. High prices aren’t the only problem: job insecurity, inflation, and global instability are chilling buyer confidence. Even big retailers like Walmart and McDonald’s are cutting prices to stay competitive, signaling a broader economic squeeze. Experts say many homes are wildly overpriced — some 25-35% above what the economy can support — forcing sellers, lenders, and builders to rethink their strategies. Meanwhile, just 22% of Californians can now afford a typical home, down from 33% in 2019. Homeownership is becoming a luxury for the few — and fixing it will require more than just lower interest rates or government aid; it demands a full-scale pricing reset across the board.

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