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California suburbs growing fast as many are priced out of cities, data showLA Times
According to state officials, suburban areas just outside of Los Angeles and San Francisco grew especially fast last year due to red-hot housing markets. As people attempt to remain within commuting distance while fleeing astronomical prices, many suburbs have increased in popularity. For example, San Joaquin County, home to Stockton, grew faster than any other, up 1.3 percent to 733,000 people. San Joaquin was followed by Yolo, Riverside, and Santa Clara counties. Among cities with at least 30,000 people, the fastest-growing were concentrated primarily in the Inland Empire and Orange County: Porterville, Eastvale, Lake Forest, Beaumont, and Lake Elsinore. Supply needs have only grown for the state’s population, but the number of new housing units in California declined last year for the first time since the start of the economic recovery.
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Two years ago, Mike Saavedra moved to Southern California, equipped with a new high-paying healthcare job and a plan. The former Arizona resident would rent by the beach while becoming familiar with neighborhoods where he may want to purchase a house. But a few months after starting his search, the Manhattan Beach renter cut it off. It was, he decided, the wrong time to buy. “I definitely think home prices are slightly overinflated,” Saavedra, 48, said. And he thinks there’s a good chance they’ll fall. “I would kind of like to wait and see if that happens.” After nearly seven years of sometimes fevered price hikes, the Southern California housing market has slowed markedly in recent months. Sales have fallen from year-ago levels and price appreciation has shrunk. In Los Angeles and Orange counties, year-over-year price increases peaked at 8.2% in April and have declined every month since. In October, home prices in those counties rose 5.5...
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