Beautiful blue home in Florida – Courtesy: Shutterstock – Image by Mark Winfrey
Four Florida regions are among the top five markets, according to CoreLogic, a business that analyzes property data, where there is a chance of a drop in home prices in the coming 12 months.
CoreLogic identified the regions they feel are most at risk for a decrease in home prices over the course of the upcoming year after taking into account factors such as missed mortgage payments, unemployment, and income growth.
Lakeland-Winter Haven, North Port-Sarasota-Bradenton, Cape Coral-Fort Myers, and Port Saint Lucie are four of the top five Florida regions.
We asked John Harbuck, a Winter Park-based realtor with Fannie Hillman and Associates, about the patterns he’s noticing in the communities he often works in.
“As far as I’ve looked at in Orange and Seminole County, I don’t think we have much to worry about,” Harbuck said.
According to Harbuck, his agency noticed a minor increase in the number of new residences listed in the first quarter and the beginning of the second.
“So inventory came up a little bit but home prices do not seem to be on the decline,” he said.
And according to Harbuck, there are still fewer homes for sale than there is local demand.
“You’ve got people who are locked into a lower interest rate in their homes currently that don’t want to have a higher interest rate higher mortgage payment because of the home prices,” Harbuck said. “So they’re not selling. So lack of inventory on that side is driving demand for buyers and that’s why we think home prices will continue to increase over the years.”
According to CoreLogic’s forecast, national home prices will rise by 4.5 percent between May 2023 and May 2024.
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Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.
