This is an interesting chart from re:venture. It shows that the housing inventory in the South is jumping but in the Northeast is flat.
During the Covid times, people moved to Texas and Florida. Builders in those states were building to meet demand. High interest rates and high property prices coupled with new houses being dumped on the market mean that we now have a surplus in those areas.
Prices in Covid boom towns are already dropping from their highs and should fall further going into the winter months. People in New England moving to Austin will soon be in the driver’s seat.
All the best,
Christian DeHaemer
