Florida, Texas and California housing markets cracking. Housing is not correcting through prices. It is choking through volume,

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Florida, Texas and California are now firmly at the center of America’s housing crash – accounting for 12 of the 14 major metro areas where home prices are falling.

The sharpest drop was recorded in Dallas, TX, where median sale prices slid 7.6 percent from a year earlier.

Florida’s once-red-hot housing market is also cracking, with prices falling in Miami, Jacksonville, Orlando and Fort Lauderdale.

California has four declining metros as well, including Oakland, with the second-biggest drop of 5.6 percent, San Jose, Sacramento and Los Angeles.

The slowdown is no longer fully contained. Prices are now slipping in Atlanta, Georgia, and Denver, Colorado – two more Sun Belt markets that had held up longer than the other three, but are now seeing prices slump.

Behind the price falls is a sudden collapse in demand. Pending home sales across the US dropped 5.9 percent in December, falling to their lowest level on record outside April 2022 when the pandemic halted the housing market, according to Redfin data going back to 2012.

‘Buyers are extremely selective and still think prices are too high,’ said Alison Williams, a Redfin Premier real estate agent in Sacramento, CA. ‘There aren’t a ton of homes on the market, but there are enough for house hunters to feel like they can take their time.’

She said many deals are stalling because buyers need to sell their current home first, while sellers are refusing to accept contingent offers — creating a standstill that is dragging prices lower in some of America’s biggest housing markets.

https://www.dailymail.co.uk/real-estate/article-15477927/florida-texas-california-housing-crash.html