Price cuts in Florida hit highest levels since GFC, 30.1% of house listings had price reductions in March 2024.

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Florida’s housing market is facing a storm as price cuts hit record levels, signaling potential price drops and posing challenges for both buyers and sellers alike.

Key Points:

  • Price cuts in Florida have surged to their highest level since the Global Financial Crisis (GFC).
  • In March 2024, 30.1% of all house listings in Florida experienced price reductions, indicating significant “selling pressure.”
  • While many price cuts are small, the overall trend suggests a rapid softening in the market.
  • Active listings in Florida have spiked to 132,000, up 57% YoY and 363% from two years ago.
  • This dramatic increase in inventory mirrors patterns seen in markets like Austin and Boise before significant price drops.
  • Florida home prices are currently about 30% “overvalued” compared to long-term norms.
  • The Tampa-St Pete metro area, with prices 33% overvalued, is experiencing a surge in inventory and price cuts.
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