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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