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The Weekly ™

By G. David Lapin On July 18 2023

Here's Your Roundup Of Recent Major News Affecting California Real Estate, Housing, and Mortgages

433,402 New Californians; Which Sates Have They Come From?

CALIFORNIA - Washington State which lost 40,456 residents to California, Texas followed at 33,577, New York at 32,723, Arizona at 27,449, Maine at 248, West Virginia at 707, Vermont at 778, Delaware at 1,012, Florida at 24,692, New Hampshire 1,034.

REAL ESTATE - The evolving history of Airbnb. Airbnb started in 2008 and managed to upend the housing and rental market in the process. Airbnb hit the NASDAQ in 2020 in the largest public debut of the year.
 
As hotels suffered during the pandemic, Airbnb soared because of its WIFI, private kitchens, private rooms, and frankly private overall accommodations. In 2022 Airbnb posted a profit. Airbnb rental listings in local markets have been linked to a decrease in the supply of longer-term rentals.
 
So here is the big rub. In Phoenix, as an example, there are roughly 18,000 listings for short term rentals compared to just under 8,000 for sale home listings. Most property owners would prefer to rent to vacationers versus long term tenants. The upside is tremendous. This has been ramping up regulatory backlash to Airbnb in metropolitan areas.
 
The crackdown may have already affected how Airbnb will see its future. In May of 2023 Airbnb announced a new listing category called Airbnb rooms. This program focuses on an individual room rental where the guests would stay with their hosts. This will continue to evolve as regulation evolves due to an affordable housing shortage. Keep watching for changes!

MORTGAGE - The Jumbo Segment of our market. 6.68 percent of owner-occupied homes in the nation’s 50 largest metros in 2021 were valued at $1 million or more.
 
The share of million-dollar homes has grown. San Francisco has the largest share of million-dollar homes. Buffalo, NY, Cleveland, Pittsburgh, and Louisville, KY have fewer than 1.00 percent of owner-occupied homes valued at $1million or more.

 
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