Jersey and Florida are hot. Austin and Seattle are not. On Tuesday, home builder Lennar co-CEO Richard Beckwitt on an earnings call provided a tour of U.S. housing markets. “So far in June, new orders, traffic, sales incentives, and cancellations have worsened in many of our markets due to a rapid spike in mortgage rates and headwinds from negative economic headlines,” he said. Some markets have also seen seasonal slowdowns.
Beckwitt listed 18 well-performing markets benefiting from low inventory, strong local economies, solid growth, and in-migration. “These include our six Florida markets, New Jersey, Maryland, Charlotte, Indianapolis, Chicago, Dallas, Houston, San Antonio, Phoenix, San Diego, Orange County, and [California’s] Inland Empire,” he said.