A recent report from the National Association of Realtors reveals that 17% of U.S. housing markets saw price declines from January to March 2024, with Florida suffering particularly significant drops. Notably, 11 areas in Florida experienced either price declines or stagnation, with Sebastian, FL, seeing the largest decline of 8.2%. Despite these downturns, Chief Economist Lawrence Yun reassures that markets can recover, citing potential rebounds in cities like Austin and Myrtle Beach, and suggests that solid job growth may facilitate recovery in affected areas.
In all, 11 areas across the Sunshine State saw local home prices either decline or remain flat year over year.
Yun predicts that some of the areas that experienced price drops...could bounce back 'fairly quickly.'
Sebastian, FL, saw the most significant annual price decline in Q1, at 8.2%... followed by Punta Gorda, FL, where the median home sales price retreated by 6.8%.
Although prices in these markets are falling, NAR Chief Economist Lawrence Yun insists there is no cause for alarm.
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