With a record unemployment rate and an oversupply of labor, California is set to lose the “California Dream” — its promise of economic growth and jobs — in coming decades.
But the future of the state’s labor market may be even more uncertain.
Alarmist estimates predict California will lose half its manufacturing jobs in the next 10 years.
The state’s largest employers are in technology, biotech, and healthcare.
California has also seen a decline in the number of job-seekers.
But if the state is to retain the jobs of the future, it must begin to invest in education, health care, and other services that are designed to improve the state.
In fact, California needs to do more to make it easier for employers to hire and retain new workers.
California’s “California dream” may be gone, but the jobs it once provided remain available.
——Alana Kagan is the author of The Last of the California Dream: California as a Dream State and a Visionary City.
She is a visiting fellow at the Center for American Progress.
Follow Alana on Twitter at @AlanaKagan.
This article tagged under: housing,housing market,housing affordability,housing stock,housing,real estate source The Hill title Housing stock in decline in California, as home sales drop article Real estate in the Golden State continues to decline, and as a result, prices for homes have begun to rise.
But there are some bright spots in the market, particularly in the San Francisco Bay Area.
With prices now averaging $2,300, San Francisco is one of the most affordable places in the country.
———Real estate agents are still looking for buyers for new homes in San Francisco.
The median price of a home in San Jose is $2.3 million, according to the MLS.
The average price in San Mateo County is $1.9 million. ———————————————————San Francisco’s median price for a home is up more than 6% over the past year, according for the MLS and the Bay Area Association of Realtors.
The number of homes for sale in San Diego is down nearly 4% over last year.
And the number for sale across the Bay area is down 3% over that same time period.
The market is starting to move into its second year of growth, which is helping drive up prices.
——-For the first time in three years, the median price per square foot of San Francisco homes increased.
The city is now averaging a $1,900 home for sale per square feet. ———————————In San Jose, the number and median price are now up about 3% from last year, while the number is up nearly 3% across the city. ———————Sales in San Luis Obispo County increased 1.8% last year to 8,093.
That is the biggest gain in San Bernardino County.
The county is also seeing more buyers.
In 2016, about a third of buyers were from out of state, and this year the percentage is almost two-thirds.
The area is still among the nation’s most expensive, and the number buyers is increasing.
San Francisco’s population is now up 5% from the year before, and that number is expected to continue growing. —–——————As a result of a surge in home sales, prices in the Bay and surrounding counties are still rising.
Sales prices for houses and condos have increased about 12% in San Joaquin, 1% in Contra Costa and Orange counties, and 6% in Santa Clara County.
That translates to an increase in average price for homes of about $1 million per year.
But some homes in the middle of the bay are selling for less than that, and those buyers may be looking elsewhere.
— The number and percentage of homes being sold is likely to remain in the red, especially in the more expensive San Francisco region.
—- The San Jose market has a strong concentration of investors who want to buy new homes, and they’re spending more.
— For some buyers, that means a higher price.
— ——————According to data from real estate website Trulia, the average price of homes in Santa Cruz County, California, jumped 6.8%.
The median home price in that county is now $1 billion.
— A growing number of investors are seeking homes for investment purposes.
The total number of residential real estate listings in California increased by 4% in the past three years.
That means the number seeking new homes is up 14%. ———————————Investors are also finding that the price of houses is going down.
For some reason, that is not the case for condos and homes, according a Trulia report.
— San Francisco and Los Angeles are still the two most expensive markets for new housing in the United States.
— In San Francisco, median prices for condos are up about 6% year over year.
In Los Angeles, the condo market is up about 8%. ———