The West Coast and Southwest have been hit with an oversupply “reflecting local challenges, particularly very poor levels of affordability, pandemic-related distortions, and in certain markets a high concentration of employment in the technology industry.'
Data from the investment bank shows that out of the 25 largest metropolitan areas in the U.S., four cities are grappling with an oversupply, signaling a bumpy forecast ahead.
The reason: those cities were the most expensive markets across the country, which by default means home values have more room to fall. Other reasons: the pandemic-fueled massive exodus of residents and tech layoffs. Nationally, the housing outlook looks to be less dire. The bank expects home prices to fall 6.1% in 2023 as mortgage rates head toward 6.5%.
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