The housing market in the United States is experiencing significant shifts, particularly in states such as Florida and Texas. Higher housing inventory and accelerating listings have led to a rise in for-sale housing supply. This increase in supply is contributing to pockets of flat to falling single-family rents year-over-year, especially in Texas and Florida. Redfin reports that homes in these states are already seeing major price cuts. While some regions have reached pre-pandemic inventory levels, others are lagging. The cooling of housing markets is most pronounced on Florida’s Gulf Coast. This trend will help the Fed’s fight with inflation, especially if it ripples beyond Texas and Florida, as more for-sale supply historically drives rising rental listings.
Housing markets on parts of Florida’s Gulf Coast are cooling faster than anywhere else in the U.S. https://t.co/XITakETrFU
Zillow: Housing markets in Florida—and parts of Texas, Louisiana, and Mississippi—are BUYERS markets https://t.co/zZzWY6jvgB
Zillow: Housing markets in Florida—and parts of Texas, Louisiana, and Mississippi—are sellers markets https://t.co/qcDGetJWA1
Housing inventory growth hasn’t been evenly distributed: While markets in states such as #Florida, #Texas and #Arizona have experienced rapid growth, and in some areas have achieved pre-pandemic inventory levels, other regions are still stuck. https://t.co/P40EFSUbZw
Housing markets in this area are cooling the fastest in the US as pandemic boom fades https://t.co/zsCmtuoHpW https://t.co/9rbcOynWDc
Homes in Florida and Texas are already beginning to see "major price cuts," Redfin said.
As for-sale housing supply rises, we’re seeing pockets of flat to falling single-family rents YOY (namely TX & FL). This’ll help the Fed’s fight with inflation, especially if it ripples beyond TX & FL. More for-sale supply gradually drives rising rental listings historically.
Higher housing inventory and accelerating listings https://t.co/qXyBSFj8RE