Some regional housing markets in states like Texas, Florida, and Louisiana are experiencing mild home price corrections due to an increase in inventory exceeding pre-pandemic levels.
Some Sun Belt markets are seeing price corrections because of previously heightened growth during the pandemic, which led to prices stretching beyond local incomes.
Unlike many Sun Belt housing markets, Northeast and Midwest markets have lower new supply levels, keeping resale prices relatively stable amidst rising new builds in southern states.
Tight resale markets in Southern California, Northeast, and Midwest are still witnessing positive year-over-year home price growth, contrasting with price decreases in certain Sun Belt regions.
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