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California's real estate market has taken off over the past 20 years due to a mix of factors:

1. High Demand: California is a desirable place to live due to its tech hubs (Silicon Valley), entertainment industry (Hollywood), and diverse job opportunities.
2. Limited Supply: Strict zoning laws and geographic constraints (like coastlines and mountains) limit new housing construction, driving prices up.
3. Population Growth: Steady population increases, especially in urban areas.
4. Low Interest Rates: Historically low mortgage rates have made borrowing easier, fueling home purchases.