California's Housing Market Remains Fragmented Despite Reforms
California's housing market continues to show significant fragmentation despite years of land-use reforms aimed at increasing housing availability. The state's major metropolitan areas are at different stages of the buyer-seller cycle, as shown by Realtor.com's Market Clock. For instance, San Francisco is in an early seller's market, while Riverside is in early buyer territory. This fragmentation reflects local variations in buyer-seller leverage, despite over 180 land-use reforms passed since 2017. The reforms have not unified the market, as local conditions still heavily influence housing dynamics. 
