It would be interesting to compare the Seattle and Boston prices to see if this is the case.

Seattle has had a nearly identical slowdown, so perhaps not entirely due to California emigration... although the water is muddy - reportedly people are exiting Seattle for greener pastures as well.

I have a theory that a major portion of the population in Seattle is always churning. Lots of people moving in and out (Like a college town). But if they can’t get people to keep moving in, you end up getting huge deflation.

The weather is a shock to lots of people.

I just sold my house in Seattle and will be leaving next month.

Seattle may be a revolving door, but the main reason people are leaving is because they can't afford it, so they move out to the boonies, and commute.

Despite that, it is having an unprecedented net population boom.

Perhaps, or just from the bay.

Over half of my bay area friends now live in Portland. I left the bay myself (for a new country), but not due to housing costs.

Eventually, making it a rotten place to live for anyone who's not a millionaire had to catch up to it.

>Eventually, making it a rotten place to live for anyone who's not a millionaire had to catch up to it.

Seattle, Portland, Austin, Denver, etc would do well to heed the warning. I'm sure they won't though because "mo' money, mo' problems" is a lesson cities haven't learned yet and there's no reason for them to learn it now.

As we speak, Austin is following in CA's footsteps. The very same ones kicked out of CA, are now voting NIMBY in Austin as well.

California population went up by 2 million in the last decade. So this is unlikely. It has more to do with bear market, interest rates rising, and new construction