Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst.
That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI.
AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted.
In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data.
It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.
Persons:
—, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's
Organizations:
Service, Business, National Association of Realtors, Builders
Locations:
Florida, Southern, Texas