A report from the Union Tribune in California. "San Diego home sales had their biggest annual drop since the Great Recession in April as the effect of COVID-19 hit the housing market. There were 2,499 home sales in April, down 30 percent from the same time last year, according to CoreLogic data released Tuesday by DQNews. The last time there was a year-over-year drop of that magnitude was March 2008."

"Unlike the Great Recession, there was not a corresponding drop in home prices in April. The median home price reached $594,500, around 50,000 less than the record high reached in November. Sales in April reflect purchases that began in March as stay-at-home orders swept the nation."

"At least some analysts and business owners say this might be a good time to buy or sell. Take Josh Stech, the CEO of the San Francisco-based company Sundae. His business buys distressed homes quickly from homeowners, similar to Zillow Offers and RedfinNow, except it only focuses on houses that need significant work. Stech said it may actually be a good time to sell. He predicted there would be a big increase in new listings as stay-at-home orders are lifted so buyers would have more options. Also, he said there would be at least some foreclosures coming out of the economic shock of the past few months, also increasing supply."

"'The recommendation I’ve been giving people is not what I’ve been reading,' he said. 'My perspective is if you are thinking of selling in the next year or two, this is the time to sell. I would say you will get a better price today than the next year or two.'"

The San Diego News. "Many buyers may find it laughable to even think about buying a home right now in the middle of this virus pandemic but I am going to put a few thoughts on the table as to why it might be an excellent time to purchase a San Diego property and if you are a seller, listing your property this summer might work out just fine."

"Another reason to buy now is that there is less buyer demand. A few months ago when a quality, well-priced property came on the market, a large pile of offers would come in to the seller. But for the next few months, there will be less competition, giving a buyer a better shot at securing an excellent property. As far as prices, home prices are fairly steady with the thinking that this current state of the market is temporary but a buyer could maybe get a slight discount right now compared to the beginning of the year."

"92115 MARKET REPORT: As expected market activity has dropped in the past month. New single family listings have dropped 50% from last April and pending sales are down 68% but the median home price has stayed fairly steady down only 6% year over year."

The Los Angeles Times. "Illustrating the chilling effects the coronavirus crisis has had on the housing market, data released Tuesday show that Southern California home sales fell 26.6% in April compared with a month earlier, while year-over-year sales were down 31.5%. The data from DQNews reflect residential transactions that closed last month, meaning many opened escrow just before or in the wake of the stay-at-home restrictions placed on Californians in March."

"Sales were down across the board in April, with the pandemic disrupting and negating many deals in escrow, but home prices continued to see marginal gains from a year earlier. Fear of the unknown has driven many would-be sellers to hit the pause button on prospective deals, while mortgage credit has tightened despite historically low interest rates. So-called jumbo mortgages — loans greater than $765,600 — have evaporated because of lenders’ concerns over the severity and duration of the COVID-19 outbreak."

"The high-end market, particularly in Los Angeles County, has been a different story. The pandemic has done little to slow sales north of $5 million in L.A. County. Although inventory is down, buyers are taking advantage of the current market (and low interest rates), utilizing private banks that prioritize big spenders to do so."

The Wall Street Journal. "Hours after Joe Taylor was laid off by Uber Technologies Inc., as part of the ride-sharing company’s far-reaching cost-cutting, the hardware engineer began looking for a new job. What he’s seeing is a Silicon Valley job market that has lost its spark. Major layoffs at big companies including Uber and Airbnb Inc., as well as a host of smaller startups, have shaken any sense that the tech industry is insulated from the broader employment destruction—and, for many, undermined hope that jobs lost would be easily replaced."

"'Everyone’s just a little more wary,' said Mr. Taylor, 38 years old, who was let go earlier this month. Fewer recruiters have gotten in touch than in past job hunts, he said, as he’s scoured opportunities at large and small firms. The message from many recruiters, he said, has been: 'I don’t have anything right now, but let’s stay in touch.'"

"Mr. Taylor, during his 15-year career spanning big companies like Microsoft and San Bruno, Calif.-based Spansive, a startup making wireless chargers, has seen ups and downs before in Silicon Valley’s job market, including during the 2008 financial crisis. In its boom times, companies have offered bountiful pay and benefit packages in the race to secure talent. Now, however, Mr. Taylor and other tech workers point to signs that the race has cooled significantly."

"Uber on Monday announced it was laying off a further 3,000 people, two weeks after announcing around 3,700 job cuts, bringing the total to about a quarter of its workforce. In recent weeks, rival Lyft Inc. said it would slash 17% of its staff, and Airbnb said it is cutting about 25% of its jobs after bookings on its site plummeted with people largely unable to travel."

"The three account for almost 10,000 positions lost just this month, with many more jobs gone across Silicon Valley, adding to the ranks of the nearly 36.4 million applications for unemployment benefits in the U.S. in the weeks since the Covid-19 outbreak hit. Tech startups have seen more than 56,000 layoffs since the coronavirus pandemic hit, according to Layoffs.fyi, a job-tracking site."

"Several tech companies that have avoided job cuts have publicly or quietly instituted hiring slowdowns. Among those easing off is Microsoft, which has temporarily frozen recruitment for some roles while continuing to hire in strategically important areas, according to a spokesman. Google, the search giant owned by Alphabet Inc., publicly announced last month a slowdown in hiring."

"What’s now unfolding could reshape the long-term prospects for job seekers in Silicon Valley. Recruiters and some executives have said they don’t expect tech hiring to rebound quickly once an economic recovery sets in. 'I don’t think you’ll see us adding back at that same level,' Uber Chief Financial Officer Nelson Chai said recently."

"Two months of experience with the bulk of their employees working remotely also could change employment practices, potentially diminishing the focus on fabled Silicon Valley campuses that companies such as Apple and Facebook built and shifting some work overseas to cheaper workers."

"Recruiters and tech employees say changes in the job market could mean people with sought-after experience likely will find new employment in the post-coronavirus tech economy. For those with thinner résumés, prospects may be darker, they say, in a market overflowing with talent at a time when companies are more conservative."

"American corporations’ growing comfort with remote work has also led Mr. Taylor, the former Uber engineer, to look for jobs farther afield, including in Denver. He plans to remain in the Bay Area, working remotely if needed, but the trappings of a nearby tech-company office no longer feel essential. For interviews, he shows up on Zoom calls in a Brooks Brothers blazer, a button-up shirt with French cuffs and a San Francisco Giants baseball cap to hide his unruly quarantine hair, with pajama bottoms underneath."

"He feels a sense of urgency given that the tech companies still hiring have a limited number of positions to fill, and the number of people on the market is growing. 'I really wanted to try to hit the ground running with this because my fear was that there’d be more and more layoffs,' he said."