The Federal Reserve’s latest Beige Book — a collection of economic anecdotes from across the country — highlighted two COVID-19 era trends that continue to fascinate us all: 1) “Residential housing markets continued to experience steady demand for new and existing homes, with activity constrained by low inventories,“ and 2) “Demand for autos remained steady, but low inventories have constrained sales to varying degrees.“
There are a lot of things behind what’s been driving demand. Simply put, the pandemic has motivated people to 1) move out of densely packed cities to places where you can get a stand-alone home and 2) seek alternative modes of travel in an effort to avoid densely-packed, mass-transit options like planes, trains and buses.
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