{"id":1539715,"date":"2025-06-04T00:30:00","date_gmt":"2025-06-04T04:30:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1539715"},"modified":"2025-06-04T00:30:00","modified_gmt":"2025-06-04T04:30:00","slug":"south-florida-emerges-as-epicenter-of-housing-weakness","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/south-florida-emerges-as-epicenter-of-housing-weakness\/1539715\/","title":{"rendered":"South Florida Emerges As Epicenter Of Housing Weakness"},"content":{"rendered":"

South Florida Emerges As Epicenter Of Housing Weakness<\/span><\/p>\n

\n

Rising inventory and softening demand \u2014 key indicators of a broader housing slowdown \u2014 suggest that South Florida’s pandemic-fueled real estate boom continues to lose steam.<\/p>\n

“South Florida is the epicenter of housing market weakness in the United States<\/strong>,”\u00a0said Redfin analyst Chen Zhao, as quoted by Bloomberg<\/a>.<\/p>\n

Zhao asked, “The question for the rest of the country is, will this spread? Florida is uniquely bad right now<\/strong>.”\u00a0<\/p>\n

Redfin data shows that April home-purchase contracts in Miami, West Palm Beach, and Fort Lauderdale fell sharply from a year earlier \u2014 the steepest declines among the 50 largest U.S. metro areas. Pending sales dropped 23% in Miami, 19% in Fort Lauderdale, and 14% in West Palm Beach. Homes in all three markets also recorded the longest listing times nationwide.<\/p>\n

Source: Bloomberg<\/em><\/a><\/p>\n

Zhao warned, “I think you’re seeing a really long, slow deflation of that bubble<\/strong>” in the South Florida market, which just a few years ago boomed with low interest rates and inbound migration trends from blue states.\u00a0<\/p>\n

In March,\u00a0Florida’s median home sale price decreased 1.7% from the same time last year. For the three metro areas in April, 5% of sales closed below the listing prices as rising inventory pressured prices lower.\u00a0<\/p>\n

Source: Bloomberg<\/em><\/a><\/p>\n

As we’ve previously reported in our coverage of Florida’s housing downturn:<\/p>\n

Florida Housing Downturn “Keeps Getting More Intense By The Day”<\/a><\/em><\/p>\n

Miami Housing Market Hit By “Breathtaking” Collapse In Demand<\/a><\/em><\/p>\n

Additional color on the downturn from\u00a0Nick Gerli, CEO and Founder of real estate analytics firm\u00a0Reventure Consulting<\/a>:\u00a0<\/p>\n

Florida investor bought for $550k in 2022.<\/p>\n

Just sold it for $391k.<\/p>\n

28% loss in 3 years.<\/p>\n

Market turning down fast. pic.twitter.com\/PJBtLPqfbn<\/a><\/p>\n

\u2014 Nick Gerli (@nickgerli1) May 30, 2025<\/a><\/p>\n

8) Domestic migration to Florida has plummeted by 80% from its peak in 2022.<\/p>\n

Back then, a net 314k people moved into the state.<\/p>\n

By 2024, it was down to 64k.<\/p>\n

The 5th lowest domestic migration level in Florida going back three+ decades. pic.twitter.com\/dhxxHhrR7C<\/a><\/p>\n

\u2014 Nick Gerli (@nickgerli1) May 30, 2025<\/a><\/p>\n

What could possibly go wrong?<\/p>\n

<\/a><\/p>\n

The question for the Sun Belt states is whether this downturn will spread.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 06\/03\/2025 – 20:30<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/south-florida-emerges-epicenter-housing-weakness<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

South Florida Emerges As Epicenter Of Housing Weakness Rising inventory and softening demand \u2014 key indicators of a broader housing slowdown \u2014 suggest that South…<\/p>\n","protected":false},"author":0,"featured_media":1539716,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1539715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1539715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1539715"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1539715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1539716"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1539715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1539715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1539715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}