Will Florida housing prices down this year or up?

Florida housing prices are likely to experience a decline this year, based on the following points: 1. **Inventory Increase**: New single-family listings in Florida rose by 10.8% in March, and the median prices dipped by 1.9% year-over-year. This increase in inventory and dip in prices indicate a shift towards a more balanced market, which may lead to downward pressure on prices. 2. **Condo and Townhouse Sales Decline**: Existing condo and townhouse sales fell by 9.8% to 8,414 transactions. This decline in sales, along with the overall cooling of the housing market, suggests that prices may be influenced downward. 3. **Price Declines in Certain Areas**: Condo prices are declining in 92% of Florida's housing markets, while single-family home prices are falling in 66% of the state's housing markets. This widespread decline in prices, particularly in condo markets, indicates a downward trend in the overall market. 4. **Market Normalization**: The Florida housing market is experiencing a normalization process, with a surge in new listings and expanding for-sale inventory. This normalization may lead to a decrease in prices as the market adjusts to the increased supply. 5. **Economic Factors**: The overall economic conditions in Florida, including rising mortgage rates and inflation, may contribute to a decrease in housing demand and subsequently lead to lower prices. While there may be some regional variations, the overall trend for Florida housing prices this year is likely to be downward due to increased inventory, declines in certain areas, market normalization, and economic factors.