Plus, the flip side of the equity gain for homeowners means home-shoppers are losing ground (see how much income needed by market). Mortgage lenders expect much higher FHA conforming loan limits and closing costs increase (sort of).
Folks are abandoning the state for a number of reasons, but the moving vans leaving slowed in 2019.
More Bay Area residents are looking at moving to the Sacramento region. Also, California has more than 75,000 delinquent FHA mortgages, nowhere is affordable in the state, only one city in the state makes Best Places to Live list, and ground-floor grocery stores often raise the rent of apartment buildings.
Competition for homes increases and prompts more bidding wars. Also, fewer foreign home buyers, AG Becerra warns mortgage servicers, more homeowners are equity rich, Fannie and Freddie fee boosts the cost of refis, and affordability dips with higher prices.