Good points sdr, and I accept all of your data. And yes, the unduly low interest rates of 3 years ago could be called a black swan event, which I had not thought of before. It was, of course, a misguided attempt to goose the economy by the Fed and it goosed prices everywhere. Glad I locked in a 3% fixed rate on my house. Now we are in the hangover stage.
A few observations: supply can increase where land is available and cheap, which is the case in St. George and similar locales. Coastal San Diego and Carlsbad…nada. Construction costs also far lower for the same product in the cities you cite. The far cheaper housing prices in the cities you list will continue to prompt the exodus from CA. More push/pull comes from the vast difference in taxes, utility costs, homelessness, and decent politicians. Ready to pay reparations?
BTW, many companies are also choosing to flee, not just people.
