A historically high number of new homes are up for sale in the US South, thanks largely to Florida and Texas.
There were 293,000 newly built houses still on the market in that part of the country in June, topping the previous high of 291,000 set in August 2006, according to new data released this week.
Supply is tight elsewhere in the US as high borrowing costs discourage sellers from listing their properties, and developers race to build more new homes.
The South doesn’t have that problem, especially in Florida and Texas, and that dynamic might provide an advantage to homebuyers in the near future. The glut of new homes may eventually help push down prices, which remain well above pre-pandemic levels.
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Because of the way those two states are governed, there are addtional costs you’ll incur beyond a discounted price on buying a home.
Both have high homeowner’s insurance costs as the long denied effects of climate change pummel the states. Health insurance is also a concern since both states have not accepted the Obamacare Medicaid expansion meaning that billions of dollars of tax subsidies are not flowing to state’s residents – those with private health insurance pay more to pick up the slack. Violent crime is also rampant with easy access to firearms a hallmark of both.
You get what you pay for.
intercst
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Maybe the home builders believed their own propaganda, and over built?
Steve
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They are also right to work states with low labor cost. And probably easy access to immigrant labor.
They are also red states. You have to wonder how strict abortion laws and Christian politics will affect decisions to move to the South. Will Californians continue to move to Texas?
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