Despite a forecast pointing to slowing economic growth, California’s economy in 2020 is still likely to outperform the nation’s economic trajectory. Moreover, economists expect real personal income to grow by 2.1% in the following months and average unemployment rates to reach 4.3%, a little higher than in October 2019 (3.9%), when they reached the lowest level since 1976.
But if growing wages and decreasing mortgage interest rates draw people to the Golden State, construction rates and soaring housing prices push them out. It’s especially the lower- and middle-income residents who are affected.
Jia Xie, assistant professor of finance, comments on where the California real estate market is expected to go in 2020. Continue reading on Point2Homes.com.