A tale of 2 markets? No. This is reality.
The United States is a country of two housing markets. In one, home prices are falling from a year ago. In the other, they’re still posting annual gains. That division runs right down the center of the U.S.
This pattern of geographical disparity is highly unusual, if not unprecedented, housing analysts say. “We’ve never seen anything quite like this where it’s so stark, west to east,” said Andy Walden, vice president of enterprise research strategy at Black Knight.
Certain housing markets in the West have enjoyed long price run-ups since the 1990s, when the rapid growth of the technology industry fueled a housing market boom. Now, the cities most closely associated with tech have the fastest falling home prices. San Jose, Calif., and San Francisco home prices were down more than 10% from a year earlier in January, and Seattle prices fell 7.5%.
In the Eastern half of the U.S., Florida and other Southern markets are still attracting companies and adding jobs. Orlando home prices were up 9.3%, while Miami prices rose 12%, the top increase among the 50 biggest metro areas. A slew of financial companies moved to Miami in 2021 and 2022, and their employees are still arriving.
kristine farra - luxury living international ultra luxury real estate and investments - miami ultra luxury homes - palm beach ultra luxury homes - naples ultra luxury homes -jupiter ultra luxury homes - sunny isles ultra luxury homes
Stay up to date on the latest real estate trends.
For over 2 decades, we have been honored to represent our clients, and position them to maximize their real estate interests, throughout the dynamic real estate market! Contact Us by form or text 305-889-8400 for a more immediate response.