Information from the Intercontinental Exchange shows a shift away from soaring real estate prices in Florida, which have reversed. This is particularly true in Tampa and South Florida. They have also started to collapse in areas closer to Palm Beach and Miami.
According to The Wall Street Journal, prices have fallen even further among homes for sale in these cities.
Among the likely reasons for the shift is dangerous climate events. In particular, these are hurricanes. However, the region has also been hit by tornadoes, and the risk of wildfires has risen. The Journal points out, “Some builders built aggressively in those areas during that time, and now many are sitting on unsold homes after mortgage rates doubled from their lows and relocations to these states slowed down.”…