It's been 12 years since California housing has been in 'buyer's market' conditions. Industry folklore infers that buyers are in control of the market when house hunters can pick from listing inventory that equals six months or more of sales. If supply is three months or less, the homebuying logic says it's a 'seller's market.' In between, a so-called 'balanced' market is in play.
So why does real estate chill in buyer's market conditions? Well, that 'time to buy' period typically parallels weaker economies that can spook house hunters and owners alike. California's unemployment rate averaged 7.7% in a buyer's market vs. 6.4% when sellers were in control. Job creation statewide shrinks by 62% in buyer's markets.
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