California Realtors: Homeowners Insurance availability a top challenge facing state's housing market

The Center for California Real Estate (CCRE) has released its annual list of key issues in housing, spotlighting the significant challenges faced by California's housing market in 2024. The report arrives ahead of the CCRE Housing Summit, set for Oct. 30 in Los Angeles, which will gather leaders across government, academia, and the private sector to discuss solutions for housing shortages, affordability, and policy reform.

Top on the list is homeowners insurance, which has seen a surge in costs and availability issues as insurers leave the state. Additionally, the limited housing supply and high costs have led experts to call for a comprehensive approach to increase affordable housing. Jeff Schroeder of Ponderosa Homes noted the imbalance in legislative efforts, where more bills hinder housing than help it.

The summit will address affordability solutions, with recent studies showing that only 14% of California households can afford a median-priced home. Experts agree that immediate, inclusive action is essential to stabilize California’s housing market and improve access for all income levels.

Top on the list is homeowners insurance, which has seen a surge in costs and availability issues as insurers leave the state.Photo byChris LawtononUnsplash