In June, reportedly 293,000 newly built homes in the South were up for sale, breaking the previous record of 291,000 in August 2006.
The new record is largely credited to Texas and Florida, as they were attractive places to move to during the pandemic, and suppliers built more homes to match the demand, according to MSN. But now that trend is slowing down, and Austin, Texas, is the city with the highest number of people moving out.
High house prices, rising home insurance and HOA fees, and even fear of climate disasters in tropical regions like Florida, are among the contributors to the decrease of relocations to the South, according to Redfin.
Dallas is one major metropolitan city that reportedly saw 63% of its listings stay still for at least 30 days during June, while in Florida, Tampa saw a stagnation of 70% for the same period.
“You have a little bit of what's called a boomerang migration occurring where a lot of the people who moved into Texas and Florida during the pandemic are leaving," said Nicholas Gerli, founder and CEO of Reventure Consulting, a real estate analysis firm.