The COVID-19 pandemic transformed cities into competitive housing markets as remote work allowed people to move to more affordable areas. However, the trend is decreasing.
High mortgage rates have prevented many homeowners from moving, creating a significant inventory shortage and stifling home sales in many regions across the U.S.
Despite the decrease in inbound migration to previously booming cities, some states like Oklahoma and Texas are experiencing increased housing inventory compared to 2019.
Migration from high-cost markets like California and New York is declining, with major drops seen in states that previously experienced large influxes from these areas.
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