PulteGroup has reported a surprising turnaround in Florida's housing market, with a 2% rise in net new orders year-over-year. Sales of move-up homes surged by 18%, while entry-level home sales remain sluggish due to affordability issues. The recent uptick comes after years of declining sales and prices, with builders having to offer concessions. Signs of stabilization are emerging, including a slowdown in price declines and a decrease in home inventory after months of rapid growth.
"We're really happy with what we saw out of Florida," PulteGroup President and CEO Ryan Marshall told investors on a call last month. "We get buyers from all over the country, all over the world that come into Florida. We also see a healthy mix of folks moving within Florida as well."
"Florida and its constituent markets are in a period of price decline, but it appears that decline is slowing," says Realtor.com® senior economist Joel Berner. "As inventory growth flattens, prices in Florida look poised to do the same. Prices may not rebound quickly, but their current retreat may be coming to an end."
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