The U.S. housing market is exhibiting stark regional differences, where some areas like Texas and Florida experience high inventory levels and price cuts, while others face acute shortages and bidding wars. Nationally, home supply remains 16% below levels seen five years ago, partly due to homeowners locked in with low mortgage rates. In regions like Illinois, red tape and rising building costs limit new constructions, while Southern states boast a surplus of unsold homes. This divided landscape reshapes the home buying experience across states, indicating a complex recovery.
The US housing market is splitting down the middle, with buyers scoring sweet deals in some states while getting clobbered in others.
Texas is drowning in listings - Realtor.com pegs its for-sale pile 20% above pre-pandemic days. Florida and Colorado are swimming in extra homes too.
Nationwide, the stash of homes for sale is still playing catch-up, with January's existing-home stock 16% shy of where it stood five years back.
Mortgage rates are sky-high, and those shiny new builds are gathering dust, bloating inventories.
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