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Two hypotheses from the comments that have potential:
1. California employment is deteriorating faster than elsewhere in 2025
2. Demand-side cash programs are ending in 2025, and they were more important in expensive CA than elsewhere
20 tuntia sitten
California unsold inventory is now back to levels not seen in 8 years. Up 37% over last year.
Open question for your speculation: Why now?
We know why inventory is climbing in FL, TX, AZ, etc. (migration is way down, fewer buyers moving from the northeast.)
But CA has had net negative migration for a long time and inventory stayed low much longer than those other states.
What's a good hypothesis about why CA inventory is climbing this year, finally? What is it about 2025?
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