Newsweek - While the growth in home prices that the country experienced during the pandemic homebuying frenzy, which was fueled by low borrowing costs, has slowed down this year, a home is a much more costly purchase now than it was in 2019.
Between 2019 and 2024, median single-family home prices rose by 48 percent nationally at more than twice the rate of median income, which rose by 22 percent, according to the Joint Center for Housing Studies (JCHS) at Harvard University.
But in a few markets across the country, home prices have been falling this year—and are likely to continue declining in 2026. Most are in the two states that have been building the most new homes over the past few years—Florida and Texas.
Florida and Texas have been experiencing a construction boom during the pandemic, as developers tried to keep up with increased demand. Last year, the two states topped the nation for building permits, totaling 173,326 for Florida and 225,756 for Texas, according to Census Bureau data.
The South alone received authorization to build 805,034 housing units out of the nation’s total 1,478,000 last year. The West followed with 327,256.
Only data from January to August has been made available by the Census Bureau so far this year. But the numbers show that the South and the West once again dominated the country for number of housing permits authorized, respectively at 533,854 and 210,342 respectively.
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