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Where are new homes being built? Hint: not up North.

The top three cities for losing residents are LA, Chicago, and NYC. People are moving to the South where right-to-work laws, lower taxes, and more friendly business climates create ops for higher standards of living. That's where new homes are being built to accommodate this demographic shift.

Generally, Southern states also have a larger supply of construction tradesmen and more permissive zoning laws that allow new housing.

Sales of new Midwestern homes have fallen less sharply than those of existing houses.

Axios News

What's happening: The number of newly built homes sold in the Midwest ebbed 13% in June compared to a year earlier, per the U.S. Census Bureau.

Existing home sales dropped 19.5% during that time, according to regional figures from the National Association of Realtors.

Zoom out: New homes comprised nearly a third of total inventory in May, exceeding their typical 10%-to-15% share, according to chief economist Robert Dietz at the National Association of Home Builders.

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