Home Buyers?
Is there a CRASH in HOMBUYER DEMAND?
As we are coming into the holiday season with considerable inflation shock I would imagine many buyers are going to put house shopping on the back burner. When you can’t count on pricing for daily needs being relatively stable, it puts a lot of things on hold.
Could the US Housing Market Bubble be turning into a Housing Crash? Perhaps in certain cities across the Sun Belt, where external homebuyer interest has crashed!
Home Buyers?
For instance – the net number of homebuyers looking to move into the Dallas Housing Market has declined by 50% from Q1 to Q3 2021 according to data from Redfin.
The Phoenix Housing Market is experiencing something similar. Net inbound buyers declined by 25% over the last two quarters. Meanwhile, Las Vegas’ Housing Market experienced a 35% decline.
But the metro that is worst impacted seems to be Atlanta. The Atlanta Metro went from a nearly 9,000 net inflow in Q1 2021 to less than 5,000 in Q3 2021, putting it below pre-pandemic levels.
Other Sun Belt markets are fairing better, particularly in Florida. Miami and Tampa Housing Markets have experienced a big surge in migration home buyer demand over the last six months.
Cities like San Francisco, New York, and Los Angeles are still experiencing an exodus of people leaving these areas. But in New York there seems to be some improvement, while Los Angeles’ Real Estate Market is still hemorrhaging people.
Home Buyers?
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