According to Redfin, in December 2022, home prices in Florida were up 5.8% compared to last year, selling for a median price of $384,500. On average, the number of homes sold was down 38.1% year over year and there were 27,233 homes sold in December this year, down from 43,985 homes sold in December last year. The median days on the market was 47 days, up 17 days year over year.
Inflation and high-interest rates remained an issue for purchasers in the Florida housing market in 2022, according to the latest housing data from Florida Realtors®. However, the state's housing market recorded higher median prices and a larger inventory (active listings) compared to a year ago. In 2022, the closed sales of single-family homes statewide were 287,352, down 18% year-over-year, while existing condo-townhouse sales reached 125,494, down 21.7% year-over-year.
Homes are staying on the market for longer as buyers struggle to find affordable housing with mortgage rates at a 20-year high of about 6%.
Now that the housing market Florida is threatened by a similar instance of rising mortgage rates and the possibility of a recession, buyers and homeowners are asking a familiar question: when will the housing market crash?
Florida is very popular among the tourists and a lot of them like the idea of settling here. One of the most favourite locations is southwest coast of Florida.
Take a look at the well known holidays which are celebrated in the USA. While some originated here, others have their roots somewehere else.
There are many public holidays in the United States celebrated within individual states as well as nationwide.
Florida’s Must-See Places - Luring Cape Canaveral