Market Update- February 2023

As we enter into 2023, there are several predictions about housing market slow downs throughout the country. However, the future is looking bright for sunny Florida, which ranked as one of the top states for development and home building. Florida ranked third with 9.8 new builds per 1,000 people. The state is just behind Utah and Idaho, which took first and second respectively. The national average rings in at 5.23 new homes per 1,000 residents, putting Florida in a good position post-pandemic as people continue to migrate out of areas like New York City, many parts of California, and the North East as a whole.

In December, the National Association of Realtors announced that national home prices had been decreasing from the inflated market that was present during the pandemic, falling 4% from October to November of 2022. This decline brought the year-over-year decrease to 37.8% from pending sale prices at the same time in 2021.

Tampa is one of the fastest growing markets within Florida and due to the growing demand for housing, continued migration to the area, and healthy economic growth, Tampa is expected to fare better than many other cities through potential down turns in the housing market.

Source: https://www.businessobserverfl.com/news/2023/jan/17/study-finds-glimmer-of-hope-for-floridas-battered-housing-market/?utm_source=Daily+Brief&utm_medium=email&utm_campaign=DB+1.18.23