Despite 2022 proving to be a difficult home-buying environment, demand still remains high as home prices fell for the seventh straight month in January. Century 21 CEO Michael Miedler told Yahoo Finance Live that there has been a shift in regionality as prospective buyers look for the best deals.
"We've seen the south, especially states like Texas and like Florida really being drivers," he says.
"Just this last month, it's really been the northeast who's been holding steady and increasing from an overall housing perspective," he continues.
Miedler adds that the serious buyers are seeing "a little bit less competition" at current mortgage rates, but the biggest issue he forecasts is inventory. "We're under about three months of inventory when a normal market is about six months," he explains.
You can watch Brad Smith and Jared Blikre's full interview with Michael Miedler here.
Key Video Moments:
00:00:14 - States driving demand
00:00:35 - Inventory driving issue
00:00:51 - Less competition
