OK, California Housing Market: First-Ever Population Decline Meets Biggest Home Construction Boom Since 2008

by Wolf Richter
Wolf Street

The state lost 182,000 people in 2020, but added 100,000 homes, for 270,000 people. Los Angeles lost 52,000 people, added 18,000 homes. San Francisco lost 14,800 people, added 4,000 homes.

California’s population didn’t exactly “collapse” or anything, but it declined by 0.46%, or by 182,083 people, in 2020, the “first negative growth rate” since population estimates have been collected, according to the California Department of Finance on Friday. At 39.47 million, California’s population has fallen to the lowest level since 2017, culminating a multi-year trend of declining but positive growth rates.

As we’ll see in a moment, many of the most populous, congested, and expensive coastal counties lost population not only in 2020 but also in prior years, including Los Angeles. The Pandemic merely accelerated the trends. But many less expensive inland counties gained population.

Continue Reading at WolfStreet.com…