People moving around inside of a country is also a source of demand. The price of condos in San Francisco dropped 10% with COVID-19. The prices in the Tahoe ar

People moving around inside of a country is also a source of demand. The price of condos in San Francisco dropped 10% with COVID-19. The prices in the Tahoe area are up about 20 - 30% over the past 12 months. The demand moved to single family homes, because people wanted a yard, when they were locked down at home, with few things open. Now that California and San Francisco is opening back up, the real estate demand is coming back, as are the prices. Yes, speculation and investment is part of the story. But also a lot of people made a lot of money in the stock merket over the past 12 months, and are looking to upgrade their housing.