Jennifer Warner, Florida Realtors economist and director of economic development, served as the moderator. While it is possible for median home prices to fall by 5% in 2024, if mortgage rates decline faster than predicted, home prices could remain mostly flat through the end of 2024. Additionally, Florida's job market is diverse and growing, which attracts new residents and supports the demand for housing. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. The average number of homes sold was down 35.4% year over year, with 21,512 homes sold in January this year, compared to 33,252 homes sold in January last year. All of the current forecasts on existing home sales in 2023 rely on where the 30-year mortgage rate is going to be, and thats in flux. https://www.zillow.com/research/daily-market-pulse-26666/, https://www.zillow.com/research/zhpe-q3-2022-buyers-market-31481/, https://capital.com/housing-market-predictions-for-next-5-years, https://realestate.usnews.com/real-estate/housing-market-index/articles/housing-market-predictions-for-the-next-5-years, https://www.nar.realtor/newsroom/nars-lawrence-yun-predicts-us-home-prices-wont-experience-major-decline-could-possibly-rise-slightly#, Housing Market News 2023: Today's Market Update, US Housing Market 2023: Trends and Insights, Real Estate Housing Market Predictions & Forecast 2023, Is it a Good Time to Buy a House or Should I Wait Until 2024, Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years, Will Home Prices Drop in 2023: Housing Market Predictions 2023, Mortgage Rates Predictions & Forecast 2023, Economic Forecast 2023: Forecast for Next 5-10 Years. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Home sales and prices in Florida are still rising, and inventory is super tight. While the US housing market is expected to see a slowdown in price growth over the next five years, experts do not expect a crash similar to the one seen in 2008. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products.
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