April 2023 Erdmann Housing Tracker Update
The California YIMBY miracle remains in play, though not much changed this month.
Figure 1 is the comparison of metro area price trends from March 2020 to September 2022 (on the x-axis) and September 2022 to April 2023 (on the y-axis). The west coast vs. east coast divide continues to play out. Prices are recently stable in the east and declining in the west. It continues to be the case that recent price declines are unrelated to post-Covid price appreciation. Mostly, it’s an east-vs-west market.
There are a mixture of supply and cyclical related trends behind these changes.
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