Economic Opportunity and Climate Drive Interstate Migration, Freeing Up Housing Inventory

Over the last 60 years there has been a "coastal Sun Belt revolution" with people moving to states like Texas, Tennessee, and the Carolinas due to better cost of living and tax incentives

Strong economic states like Texas are seeing in-migration while weaker economic states like California and New York are seeing out-migration

74% of single family homes are owned by people over 50, many of whom are expected to downsize, freeing up housing inventory

There will likely be regional differences in the housing market based on economic opportunity and demand, with more pressure on prices in places like California and New York

Climate change is starting to factor into some migration patterns, with people moving back halfway from Florida due to factors like rising insurance costs