In October, there were only 6,212 residential closings in Miami-Dade, Broward, and Palm Beach, according to the Miami Association of Realtors. The news comes after an August decline of 20%. Florida was among the states that suffered the most during the housing bubble and subsequent crash of the late 2000s. The high percentage of foreign ownership in many Florida housing markets is notable. A patchwork of high-income, expensive cities and low-income, affordable housing markets can be found throughout Florida due to the state’s high wealth inequality rate.
Many people have been speculating about the Florida housing market’s impending collapse. It goes without saying that making predictions about the future, including crashes, is extremely difficult. To get a better understanding of what’s happening in the Florida housing market, we can look at variables such as year-over-year changes in home prices, the number of days a home is on the market, the percentage of homes for sale that have had their prices reduced, the sales-to-list price ratio, available inventory, and the number of home sales.
The median sale price in Florida has fallen month over month in recent months. Florida’s median sale price dropped from $410,400 to $399,200 between June 2022 and July 2022, a 2.7% decrease. Then, from July to August 2022, it dropped by 1%, and from August to September 2022, it dropped by 0.7%. The median sale price in Florida did, however, surpass $300,000 for the first time from November 2020 ($298,300) to December 2020 ($303,500), which must be taken into account for the entire period from September 2017 to September 2022. As a result, even though they have decreased recently, Florida’s state-level home prices are still significantly higher than they were in the past.