Headline RoundupMay 16th, 2024

As Housing Costs Boost Inflation, Some Areas See Prices Fall

Summary from the AllSides News Team

Several news outlets have noted falling housing prices in parts of Texas, Florida, and other states, even as prices continued to rise elsewhere. 

The Details: According to detailed data visualizations by The Washington Post (Lean Left bias), Austin, TX and San Antonio, TX saw a significant cluster of ZIP Codes with falling housing prices in 2023. On the other hand, parts of Wisconsin, Ohio, New Jersey, New York, and Connecticut saw many ZIP Codes with double-digit price increases. Meanwhile, Newsweek (Center bias) highlighted that Maine had seen the highest jump in housing demand of any U.S. state, while demand fell in Alaska, Oregon, and New York.

For Context: The Consumer Price Index measured a 5.5% year-over-year increase in shelter costs in the U.S. in April, a substantial contributor to persistently elevated overall inflation. 

Explanations: Media analysts attributed the shifting trends to a range of explanations; The Wall Street Journal (Center bias) noted “robust home-building activity in recent years” had raised housing supply in certain areas; the Journal also highlighted the story of a Florida couple who struggled to sell a condo because too many others were also selling properties in their area. Fox Business (Lean Right bias) quoted Redfin CEO Glenn Kelman, who attributed higher housing construction in Texas and Florida to “a better regulatory environment for new construction.” The Washington Post, meanwhile, framed falling prices in Texas as a natural cooling off from an overheated pandemic-era market.

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