The withdrawal from large tracts of the country towards employment centers, mostly on either coast, is still ongoing. WFH may have blunted it a little, however

The withdrawal from large tracts of the country towards employment centers, mostly on either coast, is still ongoing. WFH may have blunted it a little, however the tendency is the same. For every person that moves from San Francisco to Raleigh there's two that move from Lumberton, NC to Raleigh. So - prices in Raleigh are not falling, and who cares about Lumberton? And prices in the pharma hub Boston are out of control. If you are in pharma, you most likely live in Boston, SF or San Diego, with housing out of control in all three. That's the thing - housing is still most intimately tied to employment.