"Demand slowed in areas where people migrated during the pandemic, so homes are staying on the market longer and prices are declining. This is a reversal from the competitive booming market of 20212022. The market has flipped as sellers are now stressed because they're having trouble getting good offers. Sellers, particularly those in the Sun Belt, are feeling desperate to sell, Business Insider wrote."
"In Denver, inventory is up nearly 50% from 2019, while Dallas inventory has risen more than 20%. Prices in Dallas and other Sun Belt markets declined slightly year over year. Net migration to Florida and Texas remains positive, but it is significantly lower than during the relocation surge, with Dallas adding 25,000 new residents, versus 91,000 a few years earlier, and Tampa adding 11,000, versus 54,000 during the boom."
During 2021–2022, migration to Sun Belt cities like Austin, Tampa, Phoenix, and Atlanta drove intense competition, bidding wars, and frequent all-cash purchases supported by record-low interest rates. Demand has since slowed in many of those destinations, producing sharp increases in active listings and slipping median prices. Inventory in some markets has risen dramatically, and year-over-year price declines have emerged in parts of the Sun Belt. Net migration to Florida and Texas remains positive but far lower than during the relocation surge. Sellers are cutting prices, with over half of listings showing reductions, shifting toward a buyer-friendlier market.
Read at san.com
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