1) Meanwhile – builder inventory in Northeast/Midwest is lagging far behind the previous mid-2000s peak.
Here's the comparison between regions in homes for sale v 2006.
South: +1% higher than 2006 bubble
West: -18% lower
Midwest: -62% lower
Northeast: -51% lower— Nick Gerli (@nickgerli1) July 25, 2024
3) I get asked a lot by reporters if this build up of inventory in the South will create a good "buying opportunity" for homebuyers.
The answer is yes. However – we need to be mindful of just how overpriced real estate across the Sun Belt is right now.
Just because prices start…
— Nick Gerli (@nickgerli1) July 25, 2024
5) So buying at the initial stages of a decline can be very risky. Especially in a heavily overvalued market where inventory is spiking.
And just a reminder: Reventure App's home price valuation model is based on the relationship of home values to incomes over the long-term.…
— Nick Gerli (@nickgerli1) July 25, 2024