Bankrate
While the U.S. housing market continues to achieve new price records at the national level, some formerly hot corners of the country have experienced slowdowns over the past couple of years. Sun Belt states — which saw an impressive growth spurt during the pandemic — still boast strong job markets and continued population growth, but home prices are cooling.
"Some markets in Texas and some markets in Florida are seeing declines," said Lawrence Yun, chief economist at the National Association of REALTORS®.
How did these low-tax, high-growth darlings of the pandemic housing boom fall from grace? Housing economists point to an obvious factor from Econ 101: Builders are delivering plenty of new homes in the Austin and North Port-Bradenton-Sarasota markets. "Construction has been very, very active," Yun said.