In April, the market saw a 21% rise in resale homes compared to last year, with regional variations. The Southwest experienced a staggering 53% increase, leading to price reductions, while areas like Orange County, California, faced fewer homes yet rising prices. Builders are responding to increased inventories since 2010 by slowing construction in oversupplied areas like Texas. Despite current market pressures, strong job and population growth in the Sun Belt suggests a favorable long-term outlook, particularly as domestic migration trends continue to favor these regions over traditional coastal cities.
The increase in resale homes on the market has varied regionally, with the Southwest seeing a 53% rise compared to a year ago, reflecting diverse local conditions.
Sun Belt regions like Florida and Texas are experiencing significant increases in home inventories and declining prices, prompting builders to slow new construction to align with reduced demand.
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