California Economy and Taxes

California Housing Affordability Tracker (April 2024) April 30, 2024

Our post provides an updated snapshot of housing affordability in California. Over the last few years, we have seen a rapid increase in California housing costs, led by the dramatic increase in the costs of purchasing a home. Monthly costs for a newly purchased home are about $2,500 higher than they were just a few years ago. Annual income needed to qualify for a typical home is about $235,000—over 2 times higher than median household income (about $85,000). Further, the annual income needed to qualify for a more affordable "bottom-tier" home is over 50 percent higher than the median income. 

California's Cooling Housing Market August 30, 2022

California's housing market boomed during much of the pandemic, but it started to cool this spring. Over the last few months, sales prices and sales activity have declined notably. 

Building Permits Update: September 2021 November 1, 2021

California builders recorded 8,254 permits in September, the lowest figure since February.

Building Permits Update: August 2021 October 6, 2021

California builders recorded 9,285 housing permits in August, in line with the recent average for the month.

Building Permits Update: July 2021 September 7, 2021

California builders recorded 9,676 permits in July, 5 percent above the same month in 2020.

Building Permits Update: June 2021 August 5, 2021

California builders recorded 10,685 housing permits in June, a so-so number for what is typically the biggest month of the year. 

Building Permits Update: May 2021 July 5, 2021

California recorded 9,291 housing permits in May, well below the totals of March and April. 

Building Permits Update: April 2021 June 9, 2021

California builders recorded nearly 11,000 housing permits in April, more than double last April's total.

Home Prices Update: April 2021 May 20, 2021

California home prices continue to soar, and are now up 12.5 percent over the past 12 months.

Building Permits Update: March 2021 May 11, 2021

The state recorded nearly 12,000 housing permits in March, and nonresidential permit activity was surprisingly high.

Building Permits Update: February 2021 April 7, 2021

California housing permits came in somewhat below last February's total as multifamily permits slipped.

Building Permits Update: January 2021 March 11, 2021

California builders recorded 9,288 housing permits in January, slightly above January 2020.

Building Permits Update: December 2020 February 4, 2021

California recorded 11,611 housing permits in December, by far the biggest monthly total in 2020.

Building Permits Update: November 2020 January 12, 2021

California recorded 8,368 housing permits in November, slightly above both the October level and the 2020 monthly average.

Building Permits Update: October 2020 December 7, 2020

California recorded about 8,000 housing permits in October, with single units accounting for more than 70 percent of the total.