Housing Market Facing Major Inventory Shifts As Migration Trends and Boomer Downsizing Reshape Prices
-
Regional migration and job trends are impacting housing demand, with more growth in Texas, Florida vs declines in NY, NJ, Ohio.
-
A "silver tsunami" of aging boomers will drive inventory increases, with 51% estimated to downsize and 30 million homes potentially hitting market.
-
This supply/demand imbalance could dramatically reduce prices in some areas, although less impact expected in high-demand areas.
-
Ultimately "prices have to come down" with more affordable new construction and overall reductions, improving affordability.
-
Millennials should wait to buy given incoming inventory while boomers should sell now to capture higher prices.