The U.S. housing market is splitting in two, with markets in the South and West facing a steep price correction after inventory recently ballooned and the Midwest and Northeast continuing to see stark competition among buyers as the supply of homes remains low.

A new report by real-estate intelligence platform Parcl Labs found that sellers in the South are between 20 percent and 30 percent more motivated than in the North, as they try to off-load their properties in the oversaturated Sun Belt markets.

"It's a fundamental supply-demand imbalance. We've tracked this dynamic for over a year," Parcl Labs told Newsweek . "In Sun Belt markets like Florida and Texas where home prices soared during the pandemic, there's now more supply than demand—sellers are competing for fewer buyers. The

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