National home prices rose by 2.6% year-over-year, a decline from last year's 4.6%. While markets in the Northeast, Midwest, and Southern California continue to see increases due to tight inventory, other areas, particularly in the Sun Belt like Texas and Florida, are witnessing drops. High inventory and slowing migration are contributing to the price corrections in these markets. Buyers are now leaning towards newly built homes as builders offer lower prices and incentives, affecting the resale market. The trend towards price corrections may continue, with inventory levels being a crucial indicator.
"Home prices continue to rise in regions with tight inventory while others with excess supply, particularly in Sun Belt states, face price corrections."
"Markets with the most softness, where buyers gain leverage, are primarily in the Sun Belt, indicating a shift from pandemic-driven price surges."
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