Florida's Housing Market Is in Trouble

Sales of condos in Florida have dramatically fallen in recent weeks, even as prices dropped in some of its major metros and the number of 'motivated' sellers in the state—those willing to accept a lower offer in order to sell quickly—is currently the highest in the country.House prices at the state level have been steadily growing in the past months, with the median sale price for all homes in Florida being $404,100 in January, up 4.5 percent year-on-year, according to Redfin data.

'While the lowest housing affordability in four decades has drastically reduced demand for homes, pushing existing single-family home sales to their lowest level since the Great Financial Crisis, a simultaneous reduction in supply is keeping a floor under prices,' Moody's Analytics housing economist Matt Walsh told Newsweek.'The condo market is displaying a similar dynamic to the market for single-family homes,' Walsh explained.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Florida Housing Market Warning IssuedThere might not be a better time to buy a home in Florida then now, says one local realtor.
Source: Newsweek - 🏆 468. / 52 Read more »

In Florida's Housing Market, Insurance-Free Homes Become Big Selling PointFlorida homeowners selling their homes are boasting about their properties not needing flood insurance in an attempt to attract buyers.
Source: Newsweek - 🏆 468. / 52 Read more »

Housing Market Update: Are Sellers Returning to the Market?Listings jumped in February to their highest levels in more than a year, according to Redfin on Friday.
Source: Newsweek - 🏆 468. / 52 Read more »

New home sales fall as mortgage rates weigh down housing marketFebruary new home sales fell as the housing market continues to feel the effects of higher mortgage rates, which have remained at multiyear highs for months.
Source: dcexaminer - 🏆 6. / 94 Read more »