213: Home Prices Stagnate in The South and America’s New #1 Housing Market

On The Market

BiggerPockets

News, Investing, Business, Education

4.8 • 820 Ratings

🗓️ 2 May 2024

⏱️ 34 minutes

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Summary

Texas and Florida are seeing stagnating home prices as housing inventory booms while demand slips away. Housing is still expensive, but with more inventory, why is it staying that way? While the southern states catch their breath from the unprecedented demand of 2020 - 2022, a new housing market is taking control as one of the hottest areas in America. Is it all hype, or could this housing market really be a winner? We’re touching on this week’s news in today’s headlines episode! But first…shrimp. How much shrimp is too much shrimp? Apparently, miscalculated shrimp is a very costly mistake, as a beloved American chain restaurant could be declaring bankruptcy due to a costly “all you can eat” deal gone wrong. But before we get into crispy bottom feeders, we’ll talk about the home price woes Florida and Texas are facing as their inventory booms, but home prices stay stagnant. Speaking of stagnation, we discuss “stagflation” and whether or not this economy-killer could hit the US. With Americans getting fed up with the South’s high prices, a new Midwest market has been named America’s new #1 housing market, but would WE invest in it? From market saturation to stagflation, shrimp miscalculations, and top housing markets, we’re wrapping up this week’s economic news so you can invest better than the rest, so stick around! In This Episode We Cover: Southern inventory booms and why home prices are stagnating in once “hot” markets The nation’s new #1 housing market in a surprisingly small city you probably haven’t heard of Growing love for affordable housing markets and why so many Americans and businesses are moving Stock market sliding and the real fear that “stagnation” could hit the US economy The one chain restaurant that may be going bankrupt because of a jumbo-shrimp-sized miscalculation And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Forums BiggerPockets Agent BiggerPockets Bootcamps Join BiggerPockets for FREE On The Market Join the Future of Real Estate Investing with Fundrise Connect with Other Investors in the “On The Market” Forums Subscribe to The “On The Market” YouTube Channel Dave's BiggerPockets Profile Dave's Instagram Henry's BiggerPockets Profile Henry's Instagram Kathy's BiggerPockets Profile Kathy's Instagram James' BiggerPockets Profile James' Instagram BiggerPockets' Instagram Headlines from Today’s Show: Texas and Florida Home Prices New #1 Housing Market Stagflation Shrimp Jump to topic: (00:00) Intro (00:55) Texas and Florida’s Inventory Booms (07:31) #1 Housing Market in America (15:06) Next Stop, Stagflation? (23:46) Going Bankrupt On Shrimp Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/on-the-market-213 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Which markets in the U.S. are surprisingly oversupplied, and what market was just ranked number one by the Wall Street Journal?
0:08.3	Is the U.S. at risk for stagflation, and what the heck is going on with Red Lobster?
0:14.3	Find out on this headline show.
0:22.3	What's up, everyone?
0:28.7	This is Dave Meyer today, joined by our full panel of Kathy Fecky, Henry Washington, and James Dainerd.
0:39.8	And as a reminder, on these headlines show, what we do is we pull four articles from the recent news cycle and talk about what is going on and how it relates to real estate investors, the broader economy, and each and every one of you.
0:44.1	Today, we're going to break each of these four stories down and hopefully help you make
0:48.8	informed investing decisions.
0:55.4	Her first headline today, it reads,
0:57.9	Home prices stagnate in Florida and Texas as supply soars.
1:02.0	This headline comes from Redfin.
1:04.1	And the main points here are that inventory rose a lot in some key areas of Florida,
1:09.1	Cape Coral, Northport. We saw huge increases of 50%
1:13.7	year over year. And we also saw places in Texas, specifically McCallin, supply jump 25%. So these are
1:20.2	pretty big numbers in year-over-year terms. And the reason, or at least the thinking here is that
1:26.2	housing supply is storing because both states have really been in a building boom, a lot of it in multifamily, but also single family homes as well.
1:35.1	And demand has pulled back a little bit over the last year.
1:39.4	So, and this, we're going to talk a bit mostly about Florida and Texas, but this also is happening
1:44.6	across most of the country, just so everyone knows nationwide.
1:48.2	Inventories up, you know, 11, I think 12 percent year over year, and a lot of the same
1:52.6	dynamics are happening.
1:54.5	So, Kathy, you are our Texas and Florida resident expert.
	...

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