Home Prices Start To Collapse In Tampa And South Florida
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.”
People Moving Back To Older Cities
Based on the same yardstick, cities where prices are rising include Bridgeport, Hartford, Scratnton, and Syracuse. These cities lost jobs as factories closed decades ago, and manufacturing jobs were offshored or replaced by technology. They may also be considered climate havens.
Also notable is the low home prices in America’s old industrial cities, which make them even more attractive as mortgage rates linger around 7%.
Florida cities also have areas where homes cannot be insured because of the risk of climate catastrophes.
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