1) This Florida housing downturn keeps getting more intense by the day. With a combination of investors, builders, and inflation-burdened homeowners off-loading houses at a historically fast clip.
This increase in listings is now corresponding with a slowdown in demand, which is…
— Nick Gerli (@nickgerli1) July 22, 2024
3) Something interesting about Florida is that home prices rarely trade at a "fair" valuation.
Rather – they're usually overvalued or undervalued.
Back in 2006 they were overvalued. Then they were heavily undervalued from 2009-2016.
And only fairly valued for a couple years…
— Nick Gerli (@nickgerli1) July 22, 2024
5) The "least" overvalued metro in Florida is Gainesville.
Where prices are only 15% above their long-term norms relative to income.
Less downside here.
Gainesville also withstood the 2007-12 downturn better than the rest of Florida. College town with stable demand. pic.twitter.com/k88jAX7YbY
— Nick Gerli (@nickgerli1) July 22, 2024