California Housing Crisis Deepens | San Jose News

California’s housing market is in freefall, with home sales plummeting 26% below historic levels — worse than the Great Recession. High prices aren’t the only problem: job insecurity, inflation, and global instability are chilling buyer confidence. Even big retailers like Walmart and McDonald’s are cutting prices to stay competitive, signaling a broader economic squeeze. Experts say many homes are wildly overpriced — some 25-35% above what the economy can support — forcing sellers, lenders, and builders to rethink their strategies. Meanwhile, just 22% of Californians can now afford a typical home, down from 33% in 2019. Homeownership is becoming a luxury for the few — and fixing it will require more than just lower interest rates or government aid; it demands a full-scale pricing reset across the board. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2ad06e756a671b82