Tuesday, February 9, 2021 / by Adam Donaldson-Moxley
"People aren’t moving to places with more homes available to buy; they’re moving to places with more affordable homes to buy."
The uptick in migration is exacerbating the severe shortage of homes for sale in 2021. In December, supply was down a record 34% year over year nationwide.
The inventory crunch in popular destinations could intensify over the next few years as remote workers continue to relocate and buy homes. If developers, zoning boards and local governments prioritize building homes in the affordable areas people are moving into as opposed to coastal cities, that would help combat the housing shortage.
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