A new Redfin report says home prices are falling in Texas and Florida due to too much supply despite a nationwide housing shortage, reports Business Insider:
“A lack of US housing has fenced off most would-be buyers, but two states are dealing with the opposite problem — an overflow of homes.
“Redfin has found that properties in Florida and Texas are stagnating on the market, as demand is shifting away from these areas.
“Cape Coral and North Port, Florida, saw the country’s biggest surge in homes for sale, with volumes up about 50% from a year ago in March. The number of homes also jumped 25% in McAllen, Texas, Redfin reported.
“Both states have been building more homes than any other part of the US, in a race to make room for pandemic-era newcomers.
“‘Two years ago, the North Port metro was one of the most competitive housing markets in the country because it was affordable for remote workers, and there was a shortage of homes for sale, but none of those things are true today,’ Eric Auciello, a local Redfin sales manager, said in the report.
“Instead, buyers are now finding themselves priced out, and price growth has slid as a result. Of the country’s 10 metros where sellers are most likely to slash listed prices, seven are in these two states.”
To read the entire Business Insider article, click HERE.