Is the return of Urban demand back?

[Jonathan Dempsey]

Since the beginning of the pandemic we have seen a massive shift to the suburban/rural markets from major cities.

What kinds of shifts are you seeing / anticipating in your urban market?

Here in Philadelphia, things are returning to normal socially. Housing demand is becoming healthy again. Supply is low and will remain low with the high costs of lumber and other resources associated with construction.

I anticipate a surge in city prices over the next 6-12 months based on these factors.

What is the sentiment in other urban markets?

[Ryan D.]

Looking at the data over the past 16 months leads me to believe urban demand never really slowed down. Especially in Philadelphia. This narrative seems to be more of a news headline than an actual trend supported by statistics showing decreased demand. Also, September lumber futures closed limit-down at $852 today, down almost 50% from the $1,686 peak on May 7th so I'm not sure how long the high costs of lumber will keep supply down.