Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments, Housing Market News 2023: Today's Market Update. You can follow Ruth on: You can trust the integrity of our balanced, independent financial advice. The research of 107 U.S. rental areas, published on June 6 and based on April data, discovered that ten of the country's most overpriced rental markets are in Florida. This is partially due to tighter lending laws coming from the financial crisis. Investor Junkie is your shortcut to financial freedom. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. The combination of low inventory and low interest rates beginning in early 2020 created a huge gap between supply and demand leading to rapidly rising home prices. Filed Under: Growth Markets, Housing Market Tagged With: Housing Market Forecast, housing market predictions, South Florida Housing Market, South Florida real estate market. Leisure and hospitality with (+88,600 jobs, +7.4 percent). 3. Supply is also being affected by homeowners who dont want to list their house and buy a different one because theyre likely to have to pay more on the next home due to higher mortgage interest rates. It also included a panel of Realtors who use Florida Realtors SunStats resource regularly, sharing how it helps them in their business. Florida Real Estate Forecast Next 5 Years: Will it Crash? Florida home values have risen by about 80% over the past 5 years and a positive trend is forecasted for the next 5 years. Last year, statewide inventory increased by 116.8% for existing single-family homes and 65.0% for condo-townhouse units. Housing Market Crash 2023: Will Real Estate Crash Again? Several Florida cities are prized by real estate investors. Investor Junkie has advertising relationships with some of the offers listed on this website. For more information, please read our. Transactions declined because it was compared to a historic December 2021, mortgage rates have quadrupled in the past year, and there is a dearth of inventory in some price ranges. It is likely to restrict house price increases, but to what amount is unclear because there is still a fear of losing out attitude among purchasers, which is fueling the market, although slowly. What is the housing market like right now? [CDATA[// >