"My trusty spreadsheet peeked at a Zillow report tracking total home values for the year ending in June and the pandemic era February 2020 through June 2025. Zillow totaled all of its price estimates for every state and the nation. Mortgage liabilities were not deducted from those valuations. By this math, California's total housing value dropped by $106 billion in the past year. Conversely, values across the U.S. rose by $862 billion."
"California's housing market has seen its sales pace drop to a low last seen during the 2008 crash. House hunters shy from near record-high prices. One affordability index shows that only 15% of California households could comfortably buy a typical house. Nationally, affordability is 34%. Just seven states had their total values dip in the year. Only California's economic arch-rival, Florida, had a bigger loss, at $109 billion. After California came another business nemesis, Texas, where values dipped $32 billion."
Zillow data comparing total home values for the year ending in June and February 2020 through June 2025 show California's total housing value fell $106 billion over the past year while U.S. values rose $862 billion. Mortgage liabilities were not deducted from the valuations. Sales pace in California dropped to levels last seen in the 2008 crash, and affordability for a typical house is only 15% of households versus a 34% national rate. Only seven states lost total value; Florida declined $109 billion and Texas $32 billion. California remains the largest state market at $10.8 trillion, 20% of the $55.1 trillion national total.
Read at www.ocregister.com
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