The allure of pandemic boomtowns is either fading fast, or simply a rebalance of sorts. “These pandemic boomtowns, they just got way too expensive over the last two or three years,” Nicholas Gerli, chief executive of Reventure Consulting and Reventure App, said in an interview with CNBC Monday. (Reventure provides access to what it calls real-time housing data.)
He continued: “They’re 20%, 30%, maybe even 40% overvalued in some cases; and now that we’re seeing the inventory levels spike and the number of price cuts on the market spike, that’s the signal for you all out there that the market is shifting down, particularly in Texas and Florida. Those are the two markets right now where we’re seeing the biggest downturn.”
