New home lot supply drops to cycle lows
“We have started seeing a shift,” said Stephen Smiley, a vice president for the Northern California office of Meyers Research in Danville, an advisory firm to the building industry. “Two or three years ago, everybody’s idea was that high-tech folks want to live in nicer apartment buildings and be mobile and not buy.” But “rents got so high and you have number of choices for good townhomes and locations,” and interest rates are still low.