Now, my search index is by no means a perfect yardstick for housing anxieties.
#Bay area housing bubble 2021 tv
Watching the housing market has become, at a minimum, a pandemic era fad - with polls and a “Saturday Night Live” TV skit suggesting online real estate searches have odd erotic appeal. On a scale of zero bubbles (no bubble here) to five bubbles (five-alarm warning) … TWO BUBBLES! Housing market: With the wildest purchasing pace since before the Great Recession, it’s no shock to see May’s searches for overall housing conditions running 84% above average - the 13th highest level in 17 tears - or 161% above pre-pandemic patterns. That seems modest considering the past year’s rapid home appreciation. Home prices: May searches ran 9% above the historic pace, 6% above March 2020, and more than double the pre-pandemic five-year average. For comparison: before the crazy bidding wars of 2021, there.
dipped below one million this past December. Remember, “bubble” wasn’t the first thing folks thought when the economy was first locked down. Meanwhile, the latest data from Zillow shows that the number of homes for sale in the U.S. Housing bubble: Searches in May ran 57% below average, but it’s on the rise - up 250% from March 2020 and almost double the pre-pandemic 2015-19 average. Housing crash: May’s searches for this phrase were more than triple the historic pace - at the seventh-highest level since 2004 - and more than four times pre-pandemic anxiousness. And they’re nearly triple the pre-coronavirus amount of crash concerns of 2015-19.Ī deep dive into the California numbers shows a growing thirst for online clues as to what’s behind the past year’s surprisingly sharp resurgence of home sales and exploding prices. However, May’s housing searches were at the highest level, minus the pandemic era, since the mid-bubble-bursting days of 2007. These searches then cooled to below average from October through January.
This index hit its recent peak at 123% above average in March 2020, as COVID-19 was icing the economy. If you assume online searches can be tied to popular thinking, eyes are on housing almost like (1) a year ago when the economy was locked down and economic fears were sky-high and (2) the days of the bubble-bursting crash of the mid-2000s.Ĭalifornians in May searched for these four key housing terms at a collective pace 69% above the 17-year average. Source: My trusty spreadsheet analysis of data from Google Trends compares and combines peaks and valleys of search patterns for two phrases linked to real estate troubles - “housing bubble” and “housing crash” - and two phrases of simple interest in property - “home prices” and “housing market” - back to 2004. Although the MSAs rental vacancy rate was unchanged year-over-year in January, it has fallen sharply from the 8.7 months of supply reported for April 2021. “ Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead.īuzz: Housing crash concerns, expressed through online search trends, jumped this spring - back near levels seen in the early days of the pandemic.
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