While Spring Homebuying Was Largely Sluggish, Some Areas Were Buzzing

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While Spring Homebuying Was Largely Sluggish, Some Areas Were Buzzing

New York, NY, July 24, 2025-"The spring home-buying season is off to a slow start-but not everywhere,” reports the Wall Street Journal.

“Buyers are still competing against each other for homes in the Northeast and Midwest, where new supply has been limited and attractive listings can draw crowds.

“Home prices in parts of the South have been flat or falling, according to Intercontinental Exchange, a financial technology and data company. Even with prices starting to come down, however, buyers are still struggling to afford purchases in places such as Texas and Florida, after prices skyrocketed during the pandemic-era housing boom. Home builders built aggressively in those areas during that time, and now many are sitting on unsold homes after mortgage rates doubled from their lows and relocations to these states slowed down.

“Overall, the U.S. housing market is far less active than it was a few years ago, when mortgage rates were low and remote work allowed people to move farther from their offices. Just over four million existing homes were sold last year, down about one-third from the more than six million homes that sold in 2021.

“The slow sales environment looks poised to persist, especially if mortgage rates hold near current levels, economists say. Many would-be buyers are on the sidelines because of high home prices, mortgage rates near 7% and rising costs for property taxes and home insurance.

“But for the buyers who are in the market, their ability to negotiate with sellers or find a bargain depends a lot on where they are shopping.

“The most important difference between Bridgeport, Connecticut, and Cape Coral, Florida, right now is the supply of homes for sale. The markets with high levels of inventory are either posting price declines already or are the most vulnerable to declines if buyer demand weakens.

“The housing market is divided between markets where the supply of homes for sale is higher than it was before the pandemic, and markets that still have an abnormally low number of homes on the market.”