California's home turnover rates are the lowest in the nation, indicating a potential real estate market crisis as fewer homeowners are moving and selling.
Los Angeles has the worst turnover rate at 15.2 homes per 1,000, highlighting a 32% decrease from 2019, reflecting a challenging housing inventory situation.
Proposition 13 maintains property taxes at 1% of assessed value, encouraging legacy homeowners to stay put and contributing to the low turnover rates.
Sacramento and San Diego have seen significant declines in home turnover rates, with Sacramento at a 39.5% decrease, indicating a concerning trend in housing mobility.
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