Florida and Texas have built the most new homes in the country in recent years. Now prices are falling in many of their cities.
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WhilehomepricesarestillrisingacrosstheU.S.,drivenbyanongoingsupplyshortage,inthetwostateswithmostofthenewconstructionapprovalsinrecentyears—FloridaandTexas—buyersarefinallygettingtheupperhand.
AnewreportbyRedfinfoundthatfiveofthesixmetropolitanareaswherehomepricesfellthefastestinFebruarywereinFloridaandTexas.TheseincludedAustin,Texas;Tampa,Florida;SanAntonio,Texas;Houston,Texas;andJacksonville,Florida.
NewsweekcontactedRedfinforcommentbyemailonMondaymorning,outsideofstandardworkinghours.
WhyItMattersBoththeFloridaandTexashousingmarketsboomedduringthepandemic,astheriseofremoteworkledtoaninfluxofnewresidentsmovinginfromoutofstate,attractedbysunnyweatherandarelativelycheapercostofliving.
Thesenewresidentsbroughtupdemandatatimewhenthetwostates,liketherestofthecountry,werefacingahistoriclackofinventory.Sincethen,bothFloridaandTexashavebuiltmorenewhomesthananywhereelseintheunion
