After years of widespread rapid price appreciation, the U.S. housing market is about to enter a “new era” in 2026, according to real estate analyst Nick Gerli—one marked by a stark regional divide.

“Rust belt cities like Cleveland, Hartford, Albany and Chicago are all still appreciating and have tight inventory. Meanwhile, Sun Belt cities across Florida, Texas, and Arizona are now in decline, with decade-highs in inventory,” Gerli, CEO and founder of real estate analytics platform Reventure App, wrote in a post on X on Sunday.

The Pandemic’s Upside Down

What Gerli is describing is a sharp downturn for markets in the Sun Belt, which exploded during the pandemic. States like Florida and Texas, which have seen the biggest price correction over the past couple of years, experienced a massiv

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