John Burns Research & Consulting's midyear report indicates worsening conditions in the housing market, particularly for new homes. A notable shift has occurred, with many cities being downgraded from normal or strong to slow. Homeowners in areas like Texas cite rising property taxes and insurance costs as driving factors for selling their homes. While some cities like Chicago and Indianapolis show strength, many traditional strong markets are now underperforming, especially in Florida and Texas, marking a significant deviation from historical trends during the busy spring season.
"That includes downgrading from very strong to strong or strong to normal. But more markets are being downgraded from normal to slow. That's pretty unusual for this time of the year."
"Among homeowners who are looking to sell, 30% in Texas said it was because of rising property taxes and homeowners insurance expenses, while 26% in northern Florida said the same."
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