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Customers are free to download these images, but not use these digital files (watermarked by the Sirved logo) for any commercial purpose, without prior written permission of Sirved. But affordability crumbled from already low levels due to pricier financing and stubbornly high prices. All prices provided on this website are averaged and should only be used as estimates. By texting in, you agree to receive recurring messages from Yard House. Automated marketing messages will be sent to the number provided. This website is using a security service to protect itself from online attacks.
How California fares in 20 national rankings, from housing to crypto to wellness
There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. March saw 1,186 new homes purchased across Southern California – flat in a year. New home sales were just 8.4% of all March sales, the smallest share for local builders since last August. All-time high prices also were set in Orange, Riverside, and San Diego counties.
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Rates as measured by a 30-year loan benchmark from Freddie Mac averaged 6.82% in March, up from 6.64% in January and 6.54% a year ago. The six-county region had 14,176 completed sales in March of existing and new houses, townhomes, and condos, according to data released by CoreLogic on Monday, April 29. This was off 8% from a year ago and represents the second-lowest sales for a March in Southern California since 1988. Only March 2008, amid a global financial collapse, had fewer sales.
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The year had started with industry hopes there would be a significant homebuying reversal from the previous two years, which were the slowest for Southern California home sales in a database that dates back 36 years. "I was sitting in VP meetings going toe-to-toe, saying, 'We can't raise the prices that much, we can't,'" she told "Today." "When everyone else was taking jumps, we weren't." With a higher minimum wage, government spending on low-income worker benefits like the Supplemental Nutrition Assistance Program (SNAP) and spending on earned income tax credit and child tax credits could drop by billions, according to EPI.
The law was also seen as an acknowledgment that many of the more than 500,000 Californians who work in fast food are not teenagers earning some spending money but adults working to support their families. Indeed, some restaurant operators say that they've already raised prices more than usual over the last year or two in response to inflation and are worried that another round of increases would scare off customers. One Burger franchisee told BI that he's instead installing ordering kiosks at his restaurants to save money on wages. This year, 22 states have raised their minimum wage, affecting nearly 10 million workers.
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To be sure, for many minimum wage workers, the pay raises are needed. According to Gordon Haskett’s data, prices at many popular chains in California rose from mid-February to mid-April. Prices at Starbucks, Shake Shack, Chipotle and Taco Bell all jumped by roughly 5% in those two months, while restaurant prices nationwide rose just 0.4%, according to the Bureau of Labor Statistics. Lethargic homebuying, however, didn’t stop the six-county region’s median sales price from reaching a new peak. Prices rose 1.8% in March – and 8% in a year – to a record-high $753,000, besting the old April 2022 record by $3,000.
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Many fast food workers in California have been taking home more money since April 1, when the state's minimum wage for those workers went to $20 an hour. Chipotle told investors last week that prices at nearly 500 of its California chains increased between 6% and 7% across its menu during the first week of April, compared to the same time last year. At California Chick-fil-A locations, prices have increased by over 10% on average since the start of April, according to research by Gordon Haskett Research Advisors.
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Last year, Sacramento Unified School District increased wages for its food service workers by 10%, hiking another 6% in July to bring workers to $20 per hour. According to an AP report, it was the district’s largest single raise in nearly three decades. A district official told the AP food-service workers could earn up to $25.51 per hour, but would only work three hours per day and be ineligible for health benefits. Some fast food restaurant chains have raised menu prices by as much as 8% since California’s $20 an hour minimum wage law took effect April 1, according to a new report.
Lynsi Snyder, the president and third-generation owner of In-N-Out, told NBC's "Today" earlier this month that she pushed to limit menu price increases in response to both higher wages as well as general inflation. In addition to higher menu prices, the law has also led to some job cuts in the industry. Even though McDonald’s executives had warned that it, too, would increase menu prices because of the wage increase, KER found that it has not done so yet. Chipotle raised the price of its Chicken Burrito by 8.3% and the Steak Burrito by 7%, while Burger King increased the price of its Whopper Meal by an average of 1.4%, according to KER. Kalinowski Equity Research compared prices at 25 restaurants for each chain and also did a side-by-side comparison of specific menu items before and after the wage hike. Wendy’s has hiked prices by roughly 8% while Chipotle has raised prices by 7.5%, according to data from Kalinowski Equity Research and cited in The New York Post.
California’s recent legislation has also spurred alarm among other food sectors excluded from the new minimum wage standard, notably the state’s school food service industry. California employs more fast food workers than any other state in the country, according to a Bureau of Labor Statistics report, followed by Texas, Florida and New York. California now offers fast food workers the highest guaranteed base salary in the industry; for all other workers, it also offers one of the highest minimum wages in the country, at $16 per hour. Democrats in the California State Legislature passed Assembly Bill 1228 last year, increasing the minimum wage for quick-service restaurant workers from $16 to $20 an hour to help them cope with the rising cost of living.
What was almost as stunning was the meek sales momentum of March, a month that typically sees a huge bump in homebuying as the slow winter period morphs into a spring surge. Yes, the region’s March sales were up 14% from February, but that increase was the smallest jump in 37 years of Southern California records. It also was far below the average 36% February-to-March sales gain. The budget-busting mix of rising mortgage rates and record-high prices squashed Southern California homebuying in March.
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