05/25/2020

California Housing Problems Are Spilling Across Its Borders

Net annual departures from California slowed to about 20,000 after the recession, but have climbed back to more than 100,000, according to the Census Bureau. “A lot of people feel like they want to get out while those markets are hot,” said Jaime Moore, a real estate agent based in Reno who is with Redfin, a national real estate brokerage firm, speaking about the high-price cities in coastal California.

As a result, the Reno housing market has gone from moribund to scorching. As of February, the median home price in the metropolitan area was about $340,000, more than double its recessionary trough of about $150,000, according to Zillow. The inventory of homes for sale was down 22 percent from a year earlier, according to Redfin, and sales were happening at a much faster clip. The typical home for sale was under contract in 55 days, 24 days faster than a year earlier.

. . . Today the typical Reno rent is just under $1,700 a month, up about 30 percent from five years ago, according to Zillow. One result has been a surge in Reno’s homeless population. The city’s shelter, just a few blocks past a bus station, is overflowing with residents and recently added a propane-heated tent to accommodate all the extra people.

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