Redfin's housing market prediction report says West Coast markets will feel the brunt of a downturn in housing prices in 2023
San Diego is among the home markets expected to cool the most in 2023, said a new report.says West Coast markets and metros that experienced the biggest gains during the pandemic, will slow the most. It selected the markets by looking at data from February to November that showed price declines, inventory drops, number of homes for sale and other factors.
Redfin said its prediction was based on various factors, including inflation and interest rates eating into affordability. Yet it said it is possible inflation will continue to decline and the Federal Reserve will feel less pressure to continue to increase the rates that drive borrowing costs. Marr wrote that markets that didn’t get caught up in the pandemic homebuying frenzy should be more insulated from pricing corrections. He said pandemic boom towns — Austin, Boise and Phoenix — may be in for a big drop.
As of this week, real estate tracker CoStar said the apartment vacancy rate in San Diego County was 3.4 percent, up from 2.3 percent around the same time last year. The average asking rent was $2,321 a month, down from $2,352 in the third quarter.
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