Part 7/9:
A critical element of the current housing market is its bifurcated nature, meaning there is a divergence in trends between regions. For example, while states like Texas and Florida are seeing increased inventories, cities in the Northeast such as Chicago and New York are grappling with lower levels of available homes.
Moreover, the so-called "Great Stay" phenomenon reflects a trend where homeowners are hesitant to sell due to favorable mortgage rates they secured in previous years. This has led to much lower seller volumes compared to historical norms, contributing to downward pressure in regions that used to benefit from migration patterns.