Some of the hottest housing markets to emerge from the pandemic are beginning to show signs of a shift. A plummeting Airbnb market and skyrocketing prices could be contributors, according to Reventure CEO Nick Gerli, who appeared on CNBC's  "Last Call" with Brian Sullivan.

Housing inventory in Austin, Texas, for example, has reached record levels while inventory in Jacksonville, Florida, has surged more than 300% over the past 3 years. These and other markets attracted not only new residents during the pandemic thanks to looser business and social distancing restrictions but also investors looking to cash in on the rental market.

"The Airbnb crash is certainly something that's playing into the rising inventory that we are seeing in Texas and Florida," said Gerli. "But I think this is a broader macro trend. These pandemic boom towns just got way too expensive over the last two or three years."