California homeownership at a 7-year high, still 3rd-worst nationally

California homeownership at a 7-year high, still 3rd-worst nationally

It’s good news-bad info for California homeownership.

Homeowners have their largest pie of the statewide housing market in seven years, nevertheless that share is the third-worst stage throughout the nation.

New Census Bureau data reveals 55.2 p.c of California households lived in residences they owned throughout the third quarter of 2018. Solely New York (50.5 p.c) and the District of Columbia (40.9 p.c) had lower possession prices. Tops throughout the U.S. was West Virginia at 74.eight p.c, then New Hampshire (74.5 p.c) and Michigan (74.1 p.c).

Nonetheless, California is making progress: In all probability the most-recent possession stage is up from 54.three p.c throughout the earlier quarter and 53.5 p.c in 2017’s third quarter. The ultimate time California possession was elevated was 2011’s third quarter.

Nationally, homeownership ran 64.4 p.c throughout the third quarter, up a bit from the second quarter (64.three p.c) and a 12 months previously (63.9 p.c). Closing time the pace was elevated was second quarter of 2014.

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