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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 is a Media Publisher & Event Producer. She is CoFounder/CEO Silicon Valley TV She is the Executive Producer of FinTech Silicon Valley & organizes Bay Area FinTech meetup: Silicon Valley FinTech meetup & Blockchain Music meetup with almost 3k members. She has produced Silicon Valley Events for Investors & Startups 7 years. She video interviews venture capitalists & angel investors & FinTech experts. She partners with videographers to cover San Francisco Bay area startup conferences & meetups with livestreaming, video & foto packages Silicon Valley TV She is based in Silicon Valley & has been involved in online business for 14 years. She has been in small business for 46 years in Ireland, London, Canada & Australia. She also published a free ebook (the findings of 1 year research from VCs, angels & women founders) “Why are Women Funded Less than Men? a crowdsourced conversation” She was TheNextWomen‘s most prolific contributor of 2011. Silicon Valley TV has been noted as a platform for supporting high growth women led companies in Huffington Post

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