November 20, 2020
2 MINUTE READ
Gobble Gobble, friends! Weird Thanksgiving (what we’re calling it) is right around the corner, and however it ends up looking for you, we hope it’s restful, tasty, and with all the trimmings. In the meantime, we’re delving into the surge in home building the pandemic’s ushering in California, as well as Airbnb’s forthcoming IPO, and what that could mean. Onward!
What’s this all about?
The pandemic continues to affect the housing market in interesting ways. This year, permits for single family homes are having their busiest quarter since 2007, likely the result of California’s low inventory of homes for sale. With those homes getting snapped up so quickly, interested homeowners have little choice but to build, baby, build.
What it means
It’s all part of a chain reaction initiated by homeowners staying put during the pandemic, which in turn up pushed prices for homes that were on the market, and increased the need for new homes to meet demand. What concerns economists and builders alike, however, is these forces eventually causing home prices to flatten due to said supply issues.
What’s this all about?
Already lofty from low interest rates, limited supply, and interest in bigger homes as remote work becomes the norm, Airbnb’s anticipated IPO is not expected to roil San Francisco’s housing prices (sigh of relief). This was a concern, as a previous study of 700 CA IPOs and the impact their headquarters had on local home prices saw an average uptick of 1%, which increased by an average of another half percent once the company began selling shares.
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That’s all for now, see you next Thursday!
