The Washington Post just published new data showing how in some parts of the country, home prices are cooling fast, especially out West. But here in 33707, and in most but not all of Florida, prices are still rising.
The Post reports, “Of the hundreds of counties nationwide where prices fell in the year ending in March, 77 percent were in the West. Prices in these counties grew faster than in the rest of the country during 2021 and 2022 asbuyers flocked to pandemic boomtowns in search of more space, a change of scenery and more affordable housing. This year, prices have cooled significantly in every large Western metro and suburban county.”
But falling prices weren’t isolated in the West. In Austin and surrounding Travis Country, home prices have fallen 12 percent over the past year — the second largest drop in the country — due in part to economic troubles in the tech industry.
Markets in the Northeast and the Southeast have largely held their ground because houses there are not overvalued, said Nicholas Gerli, founder and chief executive of Reventure Consulting. Inventory, meanwhile, is “scary low,” he said. In Hartford, Conn., for instance, home prices have risen 8 percent since last year.
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