There is an ongoing housing shortage in California that experts by-and-large have collectively labeled a crisis. Builders appear to be working to address this shortage but continue to fall short of meeting demand.
Southern California appears to be bringing new homes online at a much faster rate than the north. Los Angeles had 3,0002 single-family properties and a whopping 12,828 multi-family dwellings completed last year. Other SoCal cities with a high volume of new single-family homes include Irvine (1,945), San Diego (940) and Menifee (883). In Northern California, the state capital led the pack. Sacramento had 1,654 new single-family homes built in 2018.
The California Department of Finance reports that the total number of new residences built last year was about 97,000. To compare in 2006 there 200,000.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 percent.
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