Billionaires keep buying homes in Miami. What's the market impact?

WLRN Public Media | By Tom Hudson

Published February 11, 2026 at 1:28 PM EST

Billionaires keep buying homes in Miami. What does that do to the housing market?

The founder of Facebook is the latest tech billionaire to buy a home in Florida. Meta CEO Mark Zuckerberg and his wife bought a home in the gated island community of Indian Creek, according to the Wall Street Journal.

Amazon’s Jeff Bezos is among those who have homes there. Both of Google’s two founders also appear to have recently made moves for homes in Miami — Larry Page has purchased property in Coconut Grove, while Sergey Brin reportedly has a purchase contract for a home on Allison Island in Miami Beach.

What do these multi-million dollar purchases by these billionaires tell us about the local housing market?

To put it simply: taxes and temperature. Florida continues to be a beneficiary of low taxes relative to other states like California where many of these tech executives are moving from — and pretty good weather.

These tech founders operate on a different level than most of us. It is not unusual for them to own several homes, oftentimes spending tens of millions of dollars for waterfront mansions here. With their riches, they probably aren't as sensitive to their property taxes or property insurance bills like the rest of us.

These deals make headlines because of the big prices and the big personalities of the buyers. They are just the latest evidence that the so-called wealth migration to South Florida is still happening. And it’s not just tech billionaires.

The Miami Association of Realtors found over 55,000 workers from out-of-state moved to South Florida in 2024. They were predominantly leaving California, New York and Texas.

And they came with bigger paychecks.

Floridians moving within Florida earned about $62,000 a year. The out-of-state workers moving to Florida earned a median paycheck of $101,000.

To put it another way — for every dollar earned by someone moving to Florida from out of state, a Floridian moving earned about 62 cents.

These higher paychecks added over $5 billion dollars in earnings to the region, according to the realtors group.

What has been the impact on the housing market?

Demand for single family homes has remained strong, especially for higher priced homes.

More than half of the money spent buying homes last year was spent on single family homes of at least $1 million dollars. That is a record high share of the market.

To some degree, that can be the result of the rising prices of single family homes across the region. After all, the median price of a home sold in December was over $600,000. Five years ago, it was closer to $400,000 dollars.

READ MORE: Florida relied on immigration for almost all of its population growth last year

Florida's population growth slowed considerably last year with fewer people moving here from someplace else in the U.S. and fewer people moving here from overseas. But — and this is key — the population kept growing. The impact of the slower growth on the housing market remains to be seen.

More granular population data is due from the Census Bureau in March which will include how populations of individual counties may have changed. Last year there were at least two forces at play with Florida's population trends: the increasingly affordability challenge, especially of housing, and the Trump administration’s immigration enforcement, including efforts to cancel Temporary Protected Status of tens of thousands of immigrants living in Florida.

But even if South Florida's population growth slows or stops, South Florida home building has not kept pace with past population growth.

In 2024, the region’s population was up by about 275,000 people. Only a little more than 16,000 building permits for privately owned housing units were issued.

President Trump recently signed an executive order banning large investors from buying single family homes. He said it was an effort to help affordability. However, the prevalence of corporate-owned homes is highly dependent on location.

The Government Accounting Office found institutional investors owned about 5% of single family homes for rent in Miami. They study was conducted in 2022. Those big investors made up a larger portion of the rental home market in Orlando, Tampa and Jacksonville.

Underpinning housing demand is the job market. The regional job market remains strong even as new job growth has slowed. The South Florida unemployment rate in December was 3.5% — one of the lowest among the largest metropolitan areas in the country.

Tom Hudson

Tom Hudson is WLRN's Senior Economics Editor and Special Correspondent.

See stories by Tom Hudson

U.S. Existing-Home Sales Down in January

 U.S. existing-home sales fell 8.4% in January, including a 9% drop in the South. Prices reached a January high and mortgage rates were lower than a year ago.

WASHINGTON — Existing-home sales decreased by 8.4% in January, according to the National Association of Realtors® Existing-Home Sales report. The report provides the real estate ecosystem – including agents, homebuyers and sellers – with data on the level of home sales, price and inventory.

Month-over-month and year-over-year sales fell in all regions.

“The decrease in sales is disappointing. The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,” said NAR Chief Economist Dr. Lawrence Yun. “Affordability conditions are improving, with NAR’s Housing Affordability Index showing that housing is the most affordable it’s been since March 2022. This is due to wage gains outpacing home price growth and mortgage rates being lower than a year ago. However, supply has not kept pace and remains quite low.”

“Due to low supply, the median home price reached a new high for the month of January,” Yun added. “Homeowners are in a financially comfortable position as a result. Since January 2020, a typical homeowner would have accumulated $130,500 in housing wealth.”

Affordability improved for the seventh consecutive month, according to NAR’s Housing Affordability Index – increasing to 116.5 in January from 111.6 in December and 102 a year ago.

National snapshot

Total existing-home sales for January

• 8.4% decrease in existing-home sales month over month to a seasonally adjusted annual rate of 3.91 million.
• 4.4% decrease in sales year over year.

Inventory in January

• 1.22 million units: Total housing inventory, down 0.8% from December and up 3.4% from January 2025 (1.18 million).
• 3.7-month supply of unsold inventory, up from 3.5 months in December and one year ago.

Median sales price in January

• $396,800: Median existing-home price for all housing types, up 0.9% from one year ago ($393,400) – the 31st consecutive month of year-over-year price increases.

Housing affordability in January

The Housing Affordability Index rose to 116.5 in January, up from 111.6 in December 2025 (and 102.0 a year ago).

Affordability improved across all regions.

• Northeast +9%
• Midwest +12.2%
• South +15.2%
• West +17.1%

Single-family and condo/co-op sales

Single-family homes in January

• 9.0% decrease in sales month over month to a seasonally adjusted annual rate of 3.53 million, down 4.3% from January 2025.
• $400,300: Median home price, up 0.6% from last year.

Condominiums and co-ops in January

• 2.6% decrease in sales month over month to a seasonally adjusted annual rate of 380,000, down 5.0% from last year. 
• $364,600: Median price, up 3.8% from January 2025.

Regional snapshot for existing-home sales in January

Northeast

• 5.9% decrease in sales month over month to an annual rate of 480,000, down 4.0% year over year. 
• $505,400: Median price, up 5.8% from January 2025.

Midwest

• 7.1% decrease in sales month over month to an annual rate of 920,000, down 7.1% year over year.
• $295,400: Median price, up 2.3% from January 2025.

South

• 9.0% decrease in sales month over month to an annual rate of 1.81 million, down 1.6% year over year.
• $351,200: Median price, up 0.1% from January 2025.

West

• 10.3% decrease in sales month over month for an annual rate of 700,000, down 7.9% year over year.
• $600,400: Median price, down 1.4% from January 2025.

Realtors® Confidence Index for January

• 46 days: Median time on market for properties, up from 39 days last month and 41 days in January 2025.
• 31% of sales were first-time homebuyers, up from 29% in December and 28% one year ago.
• 27% of transactions were cash sales, down from 28% a month ago and 29% in January 2025.
• 16% of transactions were individual investors or second-home buyers, down from 18% last month and 17% one year ago.
• 2% of sales were distressed sales (foreclosures and short sales), unchanged from December and down from 3% in January 2025.

Mortgage rates

• 6.10%: The average 30-year fixed-rate mortgage in January, according to Freddie Mac, down from 6.19% in December and 6.96% one year ago.

© 2026 National Association of Realtors® (NAR)

FinCEN Reporting Rule Takes Effect March 1

 By Amy Connolly

The FinCEN rule requires reports on certain all-cash sales involving entities or trusts, adding compliance duties for title companies and closing agents in some cases.

WASHINGTON – A new federal reporting rule from the Financial Crimes Enforcement Network (FinCEN) will take effect March 1, 2026, expanding national anti-money-laundering obligations into the U.S. residential real estate market.

The rule, formally known as the Anti-Money Laundering Regulations for Residential Real Estate Transfers (RRE), requires certain professionals involved in closings and settlements of residential property deals to file a Real Estate Report with FinCEN for specific non-financed transfers (generally all-cash transfers) where the buyer is a legal entity or trust rather than an individual.

Many real estate professionals have not previously been subject to federal anti-money-laundering rules. Because of that, this is a significant change, adding new responsibilities and possible liability for those who now must file these reports. The new rule also means some closings may be disrupted.

The rule was originally slated to go into effect on Dec. 1, 2025, but was postponed to ease compliance burdens.

The rule is intended to increase transparency around real estate transactions and help federal authorities identify potential money-laundering activity. FinCEN has created an online reference page, with FAQs, to help affected professionals understand when a report is required and how to comply.

To learn more, visit the U.S. Treasury’s FinCEN site.

© 2026 Florida Realtors®

N.A.R. - Home Prices Increased in 73% of Metro Areas in Fourth Quarter of 2025

 WASHINGTON (February 4, 2026) – Home prices rose in 73% of metro markets (168 out of 230) during the fourth quarter of 2025, according to the National Association of REALTORS®’ latest quarterly report. This is down from 77% in the third quarter. Five percent of metro areas (12 out of 230) recorded double-digit price gains, up slightly from 4% last quarter. The report provides the real estate ecosystem—including agents and homebuyers and sellers—with quarterly metro-area data on median home prices and housing affordability.

The national median single-family existing-home price grew 1.2% year over year to $414,900, down from 1.7% annual growth in the third quarter.

Median existing single-family home price by region (year-over-year change)

• Northeast: $514,600 (+5.5%)
• Midwest: $317,100 (+4.3%)
• South: $367,300 (+0.2%)
• West: $625,800 (-1.2%)

“Home sales squeaked out a gain in the final quarter of 2025, helped by improving affordability conditions,” said NAR Chief Economist Lawrence Yun. “Mortgage rates fell, income growth outpaced home price growth, and the income required to buy a typical home declined.”

“While most metro markets continue to see record-high housing wealth, some areas are experiencing home price declines,” Yun added. “These declining markets are concentrated primarily in Florida and Texas, where robust supply and recent home construction are increasing competition among sellers to attract buyers.”

10 large markets with biggest year-over-year median price increases

1. Mobile, Ala. (+13.7%)
2. Canton-Massillon, Ohio (+9.8%)
3. Nassau County-Suffolk County, N.Y. (+9.6%)
4. Montgomery, Ala. (+9.4%)
5. St. Louis, Mo.-Ill. (+9.1%)
6. Shreveport-Bossier City, La. (+8.4%)
7. Youngstown-Warren-Boardman, Ohio-Pa. (+8.3%)
8. Providence-Warwick, R.I.-Mass. (+8.2%)
9. Fort Wayne, Ind. (+8.0%)
10. Hartford-West Hartford-East Hartford, Conn. (+8.0%)

10 most expensive markets

1. San Jose-Sunnyvale-Santa Clara, Calif. ($1,920,000; 0.0%)
2. Anaheim-Santa Ana-Irvine, Calif. ($1,396,500; +2.7%)
3. San Francisco-Oakland-Hayward, Calif. ($1,305,000; -0.8%)
4. Urban Honolulu, Hawaii ($1,142,100; +3.5%)
5. San Diego-Carlsbad, Calif. ($994,000; +0.9%)
6. Salinas, Calif. ($995,500; +1.2%)
7. Los Angeles-Long Beach-Glendale, Calif. ($939,700; 0.0%)
8. Oxnard-Thousand Oaks-Ventura, Calif. ($936,700; +1.8%)
9. San Luis Obispo-Paso Robles, Calif. ($917,100; -1.1%)
10. Nassau County-Suffolk County, N.Y. ($818,800; +9.6%)

Housing affordability

• 25% of markets experienced declining home prices
  • Up from 23% last quarter
• $2,057: monthly mortgage payment on a typical existing single-family home with a 20% down payment
  • 5.7% decrease from the previous quarter
  • 3.1% decrease year over year
• 22.9%: average share of income typical families spent on mortgage payments
  • Down from 24.5% last quarter
  • Down from 24.7% last year

First-time buyers

• $2,019: the monthly mortgage payment for a typical starter home valued at $352,700 with a 10% down payment
  • $122 decrease from last quarter
  • $62 decrease from last year
• 34.6%: share of income first-time buyers spent on monthly mortgage payments
  • Down from 37.0% last quarter
  • Down from 37.3% last year

About the National Association of REALTORS®

The National Association of REALTORS® is involved in all aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.

# # #

NOTE: NAR releases quarterly median single-family price data for approximately 230 Metropolitan Statistical Areas (MSAs). In some cases, the MSA prices may not coincide with data released by state and local REALTOR® associations. Any discrepancy may be due to differences in geographic coverage, product mix, and timing. In the event of discrepancies, REALTORS® are advised that for business purposes, local data from their association may be more relevant.

Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of REALTORS®.

Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the available data. A list of counties included in MSA definitions is available at: https://www.census.gov/geographies/reference-files/time-series/demo/metro-micro/delineation-files.html.

Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.

The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single-family, townhomes, condominiums and co-operative housing.

Florida Consumer Sentiment Rises in January

 Florida’s consumer sentiment index rose in January as views of personal finances and spending improved, even as economic uncertainty persists.

GAINESVILLE, Fla. — Consumer sentiment among Floridians increased in January, rising 2.3 points to 77.2 from 74.9 in December. National sentiment also rose, increasing 3.5 points over the month.

Florida consumer sentiment increased at the beginning of the year, reflecting more positive views of personal finances and spending plans. The period was marked by continued economic uncertainty, including renewed trade tensions, persistent inflation pressures and the Federal Reserve’s decision to keep interest rates unchanged. Taken together, the data suggest sentiment improved even as broader economic uncertainty remained elevated, said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

Among the five components that make up the index, four increased in January and one declined.

Floridians’ opinions about current economic conditions were relatively optimistic. Views of personal financial situations compared with a year ago increased 4.7 points, from 68.7 to 73.4, representing the largest increase among the five components this month. Similarly, opinions about whether this is a good time to buy a big-ticket household item, such as a refrigerator or furniture, rose 4.5 points, from 62 to 66.5. These positive views were shared by most Floridians, except those with annual incomes above $50,000, who reported less favorable opinions about their personal financial situations.

Expectations about future economic conditions were mixed. Expectations of personal financial situations one year from now declined slightly, falling four-tenths of a point from 89.1 to 88.7, although men reported more optimistic views. In contrast, expectations regarding U.S. economic conditions over the next year increased 2 points, from 76.6 to 78.6, and expectations for U.S. economic conditions over the next five years rose seven-tenths of a point, from 77.9 to 78.6. These positive views of the national economy were shared by most Floridians. However, women and those with annual incomes under $50,000 expressed more pessimistic views about the short-term national outlook. Women, people younger than 60 and those with annual incomes above $50,000 reported more pessimistic views of the long-term outlook.

“The year begins on a positive note for consumer sentiment. However, it is important to note that sentiment remains about 10 points below the levels observed at the beginning of 2025. Over the past year, particularly during the first four months of 2025, sentiment declined amid policy changes and heightened economic and policy uncertainty. While January’s results suggest that rising uncertainty and increasing consumer sentiment can coexist, developments in trade policy could raise business costs going forward. In addition, with the Fed pausing further rate cuts, borrowing costs for mortgages, auto loans, and credit cards are unlikely to decline substantially in the near term. Persistent inflation also continues to place pressure on household budgets, especially for lower- and middle-income families,” said Sandoval.

“Looking ahead, consumer sentiment may recover further, but this will depend in large part on a reduction in economic and policy uncertainty, which remains an important risk to sustained improvements in confidence,” Sandoval added.

Conducted Dec.1 to Jan. 29, the UF study reflects the responses of 364 individuals who were reached on cellphones representing a demographic cross section of Florida.

Data are weighted based on Florida county of residence, age group, and sex to ensure representativeness of the Florida population. The population figures used for weighting (targets) are obtained from the Population Program of the Bureau of Economic and Business Research (BEBR), which produces the official population estimates for the state of Florida. Phone data quality is maintained by monitoring and reviewing interviews and prevention of duplicate records.

The index used by UF researchers is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is 2, and the highest is 150.

Source: University of Florida

© 2026 Florida Realtors®

U.S. December Pending Home Sales Fall

 January 21, 2026

U.S. pending home sales fell 9.3% in December as limited inventory and seasonal factors slowed contracts. Buyer and seller traffic expectations improved for early 2026.

WASHINGTON — Pending home sales in December decreased by 9.3% from the prior month and 3.0% year over year, according to the National Association of Realtors® Pending Home Sales Report. The report provides the real estate ecosystem – including agents and homebuyers and sellers – with data on the level of home sales under contract.

Month-over-month pending home sales declined in all four regions. Year-over-year pending home sales rose in the South and declined in the Northeast, Midwest and West.

“The housing sector is not out of the woods yet,” said NAR Chief Economist Lawrence Yun. “After several months of encouraging signs in pending contracts and closed sales, the December new contract figures have dampened the short-term outlook.”

“Even after accounting for typical seasonal patterns, interpreting in-person home search activity in the winter – especially in December – can be tricky due to public holidays, people taking time off, and wintry weather conditions,” Yun added. “We’ll be watching the data in the coming months to determine whether the soft contract signings were a one-month aberration or the start of an underlying trend.”

“Data shows closing activity increased in December. However, new listings did not keep pace so inventory decreased. Consumers prefer seeing abundant inventory before making the major decision of purchasing a home. So, the decline in pending home sales could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale. In December there were only 1.18 million homes on the market – matching the lowest inventory level of 2025.”

December 2025 national pending home sales

• 9.3% decrease month over month
• 3.0% decrease year over year

December 2025 regional pending home sales

Northeast

• 11.0% decrease month over month
• 3.6% decrease year over year

Midwest

• 14.9% decrease month over month
• 9.8% decrease year over year

South

• 4.0% decrease month over month
• 2.0% increase year over year

West

• 13.3% decrease month over month
• 5.1% decrease year over year

While national pending home sales dipped in December, several local markets are showing notable year-over-year gains. Among the 50 largest metro areas, the following 10 markets posted the biggest annual increases in pending home sales, according to data from Realtor.com Economics:

• Louisville/Jefferson County, KY-IN (+23.8%)
• San Antonio–New Braunfels, TX (+13.6%)
• Virginia Beach–Chesapeake–Norfolk, VA-NC (+11.0%)
• Charlotte–Concord–Gastonia, NC-SC (+9.7%)
• Boston–Cambridge–Newton, MA-NH (+9.2%)
• Phoenix–Mesa–Chandler, AZ (+8.7%)
• Oklahoma City, OK (+8.0%)
• Miami–Fort Lauderdale–West Palm Beach, FL (+6.3%)
• Pittsburgh, PA (+5.8%)
• Memphis, TN-MS-AR (+4.7%)

December 2025 Realtors® Confidence Index Survey

The Realtors Confidence Index (RCI) survey gathers information from Realtors about local market conditions based on their client interactions and the characteristics of their most recent sales for the month. The RCI is reflective of closed sales activity for December. Findings from the latest RCI report include:

• 39 days: Median time on market for properties, up from 36 days last month and 35 days in December 2024.
• 29% of sales were first-time homebuyers, down from 30% last month and 31% in December 2024.
• 28% of transactions were cash sales, up from 27% a month ago and unchanged from December 2024.
• 18% of transactions were individual investors or second-home buyers, unchanged from last month and up from 16% in December 2024.
• 2% of sales were distressed sales (foreclosures and short sales), unchanged from a month ago and December 2024.
• 31% of NAR members expect an increase in buyer traffic over the next three months, up from 22% last month and 27% one year ago.
• 28% expect an increase in seller traffic, up from 18% last month and 27% one year ago.

© 2026 National Association of Realtors® (NAR)

U.S. December Existing Home Sales Increase 5.1%

 Late-year sales activity showed renewed momentum nationwide as mortgage rates eased and price growth slowed, according to the National Association of Realtors.

WASHINGTON — Existing-home sales increased by 5.1% in December, according to the National Association of Realtors® Existing-Home Sales Report. The Report provides the real estate ecosystem – including agents and homebuyers and sellers – with data on the level of home sales, price, and inventory.

Month-over-month sales increased in all regions. Year-over-year sales increased in the South, remained flat in the Midwest and West, and decreased in the Northeast.

"2025 was another tough year for homebuyers, marked by record-high home prices and historically low home sales,” said NAR Chief Economist Lawrence Yun. "However, in the fourth quarter, conditions began improving, with lower mortgage rates and slower home price growth. December home sales, after adjusting for seasonal factors, were the strongest in nearly three years. The gains were broad-based, with all four major regions improving from the prior month."

"Inventory levels remain tight,” Yun added. "With fewer sellers feeling eager to move, homeowners are taking their time deciding when to list or delist their homes. Similar to past years, more inventory is expected to come to market beginning in February."

National snapshot

Total existing-home sales for December

• 5.1% increase in existing-home sales month over month to a seasonally adjusted annual rate of 4.35 million.
• 1.4% increase in sales year over year.

Inventory in December

• 1.18 million units: Total housing inventory2, down 18.1% from November and up 3.5% from December 2024 (1.14 million).
• 3.3-month supply of unsold inventory, down from 4.2 months in November and up from 3.2 months in December 2024.

Median sales price in December

• $405,400: Median existing-home price for all housing types, up 0.4% from one year ago ($403,700) – the 30th consecutive month of year-over-year price increases.

Single-family and condo/co-op sales

Single-family homes in December

• 5.1% increase in sales month over month to a seasonally adjusted annual rate of 3.95 million, up 1.8% from December 2024.
• $409,500: Median home price in December, up 0.2% from last year.

Condominiums and co-ops in December

• 5.3% increase in sales month over month to a seasonally adjusted annual rate of 400,000, down 2.4% from last year.
• $364,400: Median price, up 1.5% from December 2024.

Regional snapshot for existing-home sales in December

Northeast

• 2.0% increase in sales month over month to an annual rate of 520,000, down 1.9% year over year.
• $496,700: Median price, up 3.7% from December 2024.

Midwest

• 2.0% decrease in sales month over month to an annual rate of 1 million, unchanged year over year.
• $306,000: Median price, up 3.1% from December 2024.

South

• 6.9% increase in sales month over month to an annual rate of 2.02 million, up 3.6% year over year.
• $360,200: Median price, down 0.3% from December 2024.

West

• 6.6% increase in sales month over month for an annual rate of 810,000, unchanged year over year.
• $605,600: Median price, down 1.4% from December 2024.

Mortgage rates

• 6.19%: The average 30-year fixed-rate mortgage in December, according to Freddie Mac, down from 6.24% in November and 6.72% one year ago.

© 2026 National Association of Realtors® (NAR)