Redfin: These 31 major housing markets have shifted to buyer’s markets

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During the pandemic housing boom, housing demand surged rapidly amid ultralow interest rates, stimulus relief, and the remote work boom—which increased demand for space and unlocked “WFH arbitrage” as high earners were able to keep their income from a job in, say, New York City or Los Angeles, and buy a home in, say, Austin or Tampa.

Federal Reserve researchers estimate that “new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand.” Unlike housing demand, housing stock supply isn’t as elastic and can’t ramp up as quickly. As a result, the heightened pandemic era demand drained the market of active inventory and overheated home