Home prices fall in Florida, rise in Midwest and Northeast
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Real estate prices are all about "location, location, location," and right now that's particularly true — in half the country home prices are falling, including in Miami.
- In the other half, they're still going up.
Why it matters: The price data shows that the housing story is more complicated than affordability and still-high mortgage rates, which have cratered demand nationwide.
- Ultimately, this tale of two housing markets is all about supply. In the places facing shortages of available homes, and less newly constructed housing, prices are holding up.
Zoom in: In Miami, home prices are down 3.8% year-over-year, according to Zillow.
Zoom out: In the Tampa metro area, the price of the typical home was down nearly 6% this June.
- It fell 3% in the Jacksonville metro.
Meanwhile: Areas in the South, particularly Texas and Florida, that had lots of new construction over the past few years, are seeing prices fall.
- And it's not just new homes; existing homeowners in these regions are also looking to sell and leave behind higher insurance costs, and climate risks.
- "In places like Florida and Texas, they're kind of tired of hurricanes," says Chen Zhao, head of economic research at Redfin. These folks are putting their homes on the market.
Go deeper: National outlook