Fear and Hope for the Future of California's Housing Market

Real Estate experts and economists convene in San Diego to discuss and debate the sustainability of California's recent rise in housing prices.

1 minute read

October 7, 2003, 2:00 PM PDT

By Connie Chung


"Realtors have an interesting dilemma ahead of them, said Leslie Appleton-Young, chief economist for the California Association of Realtors (CAR); at the same time that they will continue to celebrate the rising closing prices -- and subsequent commissions -- of homes across California, Realtors should be worried about the 'onerous' threat to affordability....There was a gap -- an unsustainable inconsistency, she said --between the rate at which California was losing jobs and the rate at which housing prices were skyrocketing. The lack of new-home construction may be behind the lack of supply and subsequent boost in demand, but eventually the lack of supply would force people out of the market -- and lower the demand. Some panelists who disagreed responded: "Housing prices may be going up, but they are not necessarily unsustainable....'House prices are still not that high,' said Richard Green, a professor of urban land economics....California home prices may be outpacing some of their counterparts in other states, he said, but they still have nothing on astonishing home values buyers see in places like London, Paris or Vancouver. Even in working-class neighborhoods, home prices in Europe's metropolises are far higher than here. That indicates a willingness of the people to live somewhere because of the inherent value of the place no matter how expensive it gets."

Thanks to Connie Chung

Thursday, October 2, 2003 in Yahoo! Newswire

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Red 1972 Ford Pinto with black racing stripes on display with man sitting in driver's seat.

Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto

The Tesla Cybertruck was recalled seven times last year.

July 2, 2025 - Mother Jones

Close-up of park ranger in green jacket and khaki hat looking out at Bryce Canyon National Park red rock formations.

National Parks Layoffs Will Cause Communities to Lose Billions

Thousands of essential park workers were laid off this week, just before the busy spring break season.

February 18, 2025 - National Parks Traveler

Paved walking path next to canal in The Woodlands, Texas with office buildings in background.

Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50

A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.

February 19, 2025 - Greg Flisram

Screenshot of shade map of Buffalo, New York with legend.

Test News Post 1

This is a summary

0 seconds ago - 2TheAdvocate.com

Red 1972 Ford Pinto with black racing stripes on display with man sitting in driver's seat.

Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto

The Tesla Cybertruck was recalled seven times last year.

18 minutes ago - Mother Jones

test alt text

Test News Headline 46

Test for the image on the front page.

March 5 - Cleantech blog