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It’s the worst economy since the Great Depression. Nearly 1 in every 6 California workers is out of a job, and those lucky enough to remain employed confront reduced hours, slimmed wages and mounting uncertainty over what the next few months will bring. The state budget is in shambles, and cities and counties are already laying off workers.
And yet California home prices aren’t dropping all that much.
Despite the economic carnage induced by the novel coronavirus pandemic, the state’s stubbornly expensive housing market appears headed for a relatively soft landing. While rents in some markets show signs of a steeper cliff, the value of a California single family home last month — $570,000 — is actually higher than what it was a year ago, according to the real estate data firm Zillow.
On this episode of “Gimme Shelter: The California Housing Crisis Podcast”, CalMatters’ Matt Levin and the Los Angeles Times’ Liam Dillon discuss housing’s mystifying resilience with Skylar Olsen, senior principal economist with Zillow.