Posted on 05/28/2023 9:09:13 AM PDT by Jacquerie
In the face of a slowing housing market across the United States, Florida’s housing sector remains buoyant, attracting significant attention from potential buyers and investors. This resilience is, in part, due to the considerable growth in both population and businesses in the state.
New data shows a national decline in the prices of existing-home sales, with a sharp annual drop of 1.7 percent in April. Some regions, like Seattle, Austin, and Silicon Valley, have seen a decline in home prices of about 12 percent in the past year. But Florida is bucking the gloomy national trend, with rising prices, even though high interest rates are forcing buyers out of the market, slowing sales.
Between 2020 and 2022, Florida’s population surged by nearly one million people, with growth rates five times that of the rest of the nation. Much of this surge is due to the influx of white-collar professionals opting to work remotely from beach-side locations. But there are also whole businesses, including Citadel, Windstar Cruises, JP Morgan, ARK Invest, and InnovaCare Health, among many others, that have expanded or moved their operations or headquarters to Florida, significantly contributing to a gravity-defying real estate market.
It’s a feather in the cap of the nation’s newest presidential candidate, Florida Governor Ron DeSantis, who was among the first to buck the national lockdown and reopen Florida for business just months into the pandemic. It was a huge political gamble, but one that paid off for him politically, because it has quite clearly paid off for Florida economically.
This continuous growth in population and economic activity has fostered a thriving housing market and home prices that have remained resilient, particularly in cities like Miami, Fort Lauderdale, Pensacola, Naples, Tallahassee, and Sebastian, where home prices rose between February and March.
(Excerpt) Read more at thecapitolist.com ...
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