Summer may be waning, but the Pacific Ocean is just starting to heat up. And with that warming water comes El Niño, the dangerous and sometimes disastrous series of weather events that “heats up the atmosphere and changes circulation patterns around the globe, especially the jet stream over the Pacific, which becomes stronger and dumps more frequent and intense storms over the western U.S., especially California,” writes CNN. Sigh.
This year’s El Niño, according to the forecast released by NOAA’s Climate Prediction Center on Thursday, is “significant and strengthening.” Translation: It’s gonna be hot, it’s gonna be stormy, and it’s gonna be long. While the effects are felt around the world, in the United States, California and the South tend to be hardest hit, and, as The New York Times reported on Friday, “El Niño May Bring Record Heat, and Rain for California.”
Can the California real estate market handle the hit? Eleven of our 20 hottest real estate markets in July were in California (unsurprisingly, San Francisco took the top slot), and prices there remain at all-time highs.
Despite the potential for havoc, few think the weather will severely weaken the market—good news or bad, depending on where you stand.