"Housing markets where inventory has returned to pre-pandemic 2019 levels have experienced weaker home price growth or outright declines over the past 46 months. Conversely, markets with inventory far below 2019 levels have seen more resilient home price growth."
"Many of the softest housing markets, where homebuyers have gained the most leverage since the pandemic housing boom ended, are located in the Southern and Mountain West regions, which experienced significant home price growth during the pandemic."
"As pandemic-fueled domestic migration slowed and mortgage rates spiked, markets like Punta Gorda, Florida, and Austin, Texas, faced challenges relying on local incomes to sustain frothy home prices."
Active listings in regional housing markets are increasing year over year, yet many markets still fall short of pre-pandemic 2019 inventory levels. Markets with inventory returning to 2019 levels have seen weaker home price growth, while those with lower inventory have experienced more resilient price growth. Southern and Mountain West regions show the softest markets, impacted by slowed migration and rising mortgage rates. In contrast, Northeast and Midwest markets are less affected by these trends due to lower reliance on pandemic migration and new construction.
Read at Fast Company
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