During the pandemic, housing markets in Florida and Texas enjoyed a surge in popularity. Unencumbered by office attendance, remote workers headed south to cash in on the Sunbelt’s warm temperatures, low tax rates, and new construction.
Redfin data released in July shows the U.S. is firmly a buyer’s market, with sellers outnumbering buyers by nearly two to one.
“The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now–even in the face of record-high home prices and stubbornly high mortgage rates–have the power,” Asad Khan, a senior economist at Redfin, wrote in the report. “In most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs.”
In a lopsided market, Ohio holds steady
The five most lopsided buyer’s markets in the country are all in the Sunbelt: Miami (where sellers outnumber buyers by 140%), Nashville (129%), Houston (124%), San Antonio (117%), and Austin (112%)…