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California's Housing Market: A Glut of Unsold Homes and Mounting Challenges
California is currently experiencing an unusual surge in unsold homes, signaling deeper issues within its housing market. According to insights shared by real estate economist Mike Simson of Compass, the state is grappling with a significant oversupply of homes, with the number of unsold single-family properties rising by 37% compared to last year — a level not seen since 2018. This increase points to a broad slowdown in the market, caused largely by affordability constraints and economic shifts.