The full answer to the question in the title is in the Census Bureau statistics and details, however you can see what is happening in this simple statement I received via email correspondence with a Portland area economist.
“But many suburbs look like they aren’t returning to normal any time soon. Excess inventory – still unsold – must be scaring off developers in certain communities. For those cities, this is a very nervous making. Will they ever fully recover?
Meanwhile, developers seem optimistic that they can continue selling apartments and condos to the huge numbers of younger adults with college degrees that keep moving to the City of Portland and avoiding the suburbs.“
That is it in a nut shell.