What do laid-back San Luis Obispo and agricultural Madera have in common? They’re the only two kinds of cities whose homes are reaching record prices.
California’s housing market is in something of a rut. Unfavorable interest rates, a softening job market and general economic anxiety are driving many buyers away, forcing some sellers to cut prices.
It’s a far cry not just from before the pandemic, when prices in white-collar urban centers like San Francisco climbed quickly, but even from a few years ago, when pandemic-era migration into the suburbs of those cities sparked bidding wars across the country…