1) But not only is inventory in Dallas exploding.
So are price cuts. With the share of sellers reducing the price surging up to 30% in Apr 2024.
That's the 2nd highest price cut share of April going to 2017.
Yet another sign that Dallas' market is in a downturn. pic.twitter.com/993bEh4zL8
— Nick Gerli (@nickgerli1) May 20, 2024
3) The Reventure Home Price Forecast shows values more likely to drop in Texas, Florida, and the Mountain West.
Meanwhile – home prices are more likely to rise in the Northeast and Midwest.
Based on underlying trends in inventory, appreciation, and price cuts.
Access this Home… pic.twitter.com/ToWHRoPTYp
— Nick Gerli (@nickgerli1) May 20, 2024
5) Some basic trends I'm observing in Dallas, and many other parts of America, include:
-a big selloff from investors, causing inventory to spike in investor-driven areas
-continued permitting from builders, resulting in a suburban/rural supply spike
-a reversion in pandemic…
— Nick Gerli (@nickgerli1) May 20, 2024
7) Hidden in the midst of a "national inventory shortage" is the fact that certain cities and neighborhoods have already experienced an inventory explosion.
And are signaling that a broader market downturn could be taking place, starting first in areas most exposed.
Here are… pic.twitter.com/3RK6ikUokz
— Nick Gerli (@nickgerli1) May 20, 2024
8) Head to https://t.co/yTZTC7FPDB to track the home values, inventory levels, and price forecasts in your market.
Home value and inventory data is available for free. So go search your ZIP code now and understand the trends.
Price Forecast and overvaluation metrics are premium…
— Nick Gerli (@nickgerli1) May 20, 2024