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Why Silicon Valley home prices have been immune to Covid infection so far

Half a year into a collapse of much of the business sector triggered by a global health crisis, home prices remain stubbornly resistant to the economic drag generated by Covid-19 in Silicon Valley and across the nation.

The National Association of Realtors is poised to issue a report later this week reiterating the findings of every weekly report it has issued since the beginning of the pandemic showing home prices on the rise – unaffected even by normal seasonal ups and downs – because so few homeowners are willing to put their houses on the market.

Last week’s report pegged home prices in Santa Clara County for the first week of October up 6.8% over what they were the same week of 2019 while for-sale listings were down by 23.2%. In the San Francisco metropolitan area, which covers the five counties of San Francisco, Alameda, Marin, Contra Costa and San Mateo, home prices were up 11.7% while inventory shrank 5.9%.

For the entire United States, home prices were up 12.9% year-over-year and the supply of houses for sale was 38% lower.

“People don’t want to move during the Covid, and they want some stability until after the elections,” said Campbell Realtor George Saghafian. “A third reason is they don’t know where to go. Unless they go out of the area, that’s going to be tough.”

Asked what economic factor would disrupt a housing market that seems to be defying economic laws of gravity, Saghafian had a one-word answer.

“Layoffs,” he said. Read more via BizJournals

Pemo Theodore

Pemo Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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