Metro-to-metro variations in home-price growth reached a 13-year high in spring 2022

 By Kerry Smith

Metro-to-metro variations that peaked in spring 2022 continue this spring. In Miami, for example, home prices are up 10.9%; in San Francisco, they’re down 10.1%.

SEATTLE – A national home-price trend may provide a macro view of U.S. home price direction in general, but it means very little at the local level. Metro-to-metro variations in home-price growth reached a 13-year high in spring 2022, the tail end of the pandemic homebuying boom, and the variation has only dropped a small amount since then.

A historic price-growth gap between San Francisco and Miami illustrates the diversity of home prices. The San Francisco Bay area is losing homebuyers while South Florida is attracting them. As a result, San Francisco home prices are down 10.1% year-over-year, while Miami prices are up 10.9% – a near-record high.

That 21-percentage-point difference is near the biggest in over three decades (a peak of 23 points in August 2022), and it’s the largest gap among the major U.S. metros Redfin analyzed in a study.

The wide gap between San Francisco and Miami creates a starkly different homebuying experience in those parts of the country. Some Bay Area house hunters who have been priced out for the last few years, for example, may finally be able to break into the market – if they can afford today’s elevated mortgage rates and still-high prices and find a home for sale amid the supply shortage.

Meanwhile, many South Florida locals are finding it harder than ever to afford a home.

“The stark difference in home-price dynamics between the Bay Area and Miami may be a reflection of a long-term, pandemic-fueled shift in where people choose to live,” says Redfin Deputy Chief Economist Taylor Marr. “The fact that Miami prices are holding up well despite the national pullback in homebuying suggests the relative popularity of Florida is here to stay. Even though some employees are returning to offices at least a few days a week, the pandemic has given many Americans much more freedom on where they choose to live – and a lot of them are choosing places where shelling out $1.5 million for a run-of-the-mill home isn’t the norm.”

The Bay Area is still much more expensive than South Florida, but as San Francisco’s home prices fall and Miami’s rise, the amount of money a homebuyer saves by moving across the country has diminished. San Francisco’s median home-sale price was still 2.9 times higher than Miami’s in February (roughly $1.42 million versus $483,000), but that’s down from 4.4 times higher in February 2020.

After San Francisco and Miami, the metros with the next-biggest gaps are also expensive West Coast tech hubs paired with relatively affordable Sun Belt locales.

Seattle-Miami: -9.4% year-over-year versus +10.9% year-over-year

San Francisco-Tampa: -10.1% versus +7.7%

Seattle-Tampa: -9.4% versus +7.7%

San Francisco-Atlanta: -10.1% versus +6.6%

For homebuyers and sellers, the fact that prices vary widely from metro to metro means it’s more important than ever to focus on local trends.

“If you’re buying a home here in the D.C. area, don’t rely on real estate advice from your friend in the Midwest or your cousin in California,” says Washington, D.C., Redfin agent Steve Centrella. “Insights from other parts of the country can create confusion because they don’t necessarily reflect what’s happening on the ground in your neighborhood. For instance, demand for downtown condos is returning here as government employees return to the office, so buyers may encounter competition for desirable units. That may not be the case in other parts of the country.”

“Extreme moments in history lead to extreme swings in home prices,” adds Redfin Deputy Chief Economist Taylor Marr.

“During economic boom times … homebuying demand soars because many people have the means to buy both primary and vacation homes, and perhaps move from one part of the country to another,” she says. “That pushes prices up in certain places and grabs the attention of home flippers, who jump into the ring and push prices up even further. When there’s a recession like there was in 2009, or economic uncertainty and fears of a recession like in 2023, homebuyers quickly pull back and prices swing down in some areas.”

© 2023 Florida Realtors®

Survey: In 2022, lenders denied a loan to 28% of mortgage applicants

 By Marilyn Kennedy Melia

Survey: In 2022, lenders denied a loan to 28% of mortgage applicants, down from 34% in 2021. It came as a surprise to many because they had been pre-approved.

NEW YORK – Applying for a mortgage is like taking a test to graduate. Except instead of a diploma, the prize is a home.

The “pass” rate on mortgage approval, though, is surprisingly low. Surveying 4,900 buyers, the Zillow Consumer Housing Trends Report 2022 finds that in 2022, 28% of applicants were denied a mortgage, down from 34% in 2021.

Often, denial comes as a surprise since the homebuyer first received a nod in the form of a “pre-approval.” Before home shopping, real estate agents typically require buyers to have a pre-approval.

Staying credit worthy

A lender verifies applicants’ credit, income and savings for a down payment and current monthly debt load before issuing them a pre-approval for a certain size loan. If a borrower increases his debt or otherwise alters his financial status after pre-approval, he could be rejected when he actually applies to buy a certain home, says Charles Chedester of Midwest Family Lending in Urbandale, Iowa.

Understanding terms

Make sure a lender clearly outlines what financial changes can negate a pre-approval, Chedester says, adding that the drop in denials Zillow found in 2022 could be due to the fact that the mortgage business was unusually busy in 2021 and lenders didn’t take adequate time to verify pre-approval details or talk with borrowers.

Strengthening your position

Rejection can occur right away with a lender declining pre-approval. The Zillow survey finds that millennials reported a higher rate of denials at 39%. Moreover, 41% of borrowers of color reported being denied at least once.

“See a housing counselor from a HUD-approved agency [Florida listings at HUD.gov],” advises Mitria Spotser of the Center for Responsible Lending. “It’s free, and they can walk you through the lending process and let you know where you stand [financially].”

With advanced knowledge, borrowers have more insight into whether a rejection could be unfair, she adds.

Mortgage brokers, banks and financial institutions have different mortgage programs, and a borrower who’s rejected by one lender may find approval with another.

© Copyright 2023, Richmond Times-Dispatch, Richmond, VA

Condo Buyers Wait for Milestone Inspections

 By Amber Bonefont

Safety inspections mandated after 2021’s Surfside collapse have created new uncertainty in some buyers’ minds. They now want to wait until they can read the results.

FORT LAUDERDALE, Fla. – Some uncertainty among potential condominium buyers is brewing as they wait to see how the latest state guidelines on condo safety play out.

Florida lawmakers approved a revised version in early May of last year’s guidelines on ensuring safety in condo buildings in an effort to smooth out the process, though experts say that some buyers are choosing to wait to see what happens with assessments before taking a leap.

“It’s more chaotic right now because the studies aren’t done yet, and there is uncertainty because of that,” said Jeff Lichtenstein, founder of Echo Fine Properties in Palm Beach Gardens. “There is a big unknown.”

Under the revised version of the rules, buildings that are three stories or taller can now undergo a “milestone inspection” after being occupied for 30 years, unless local officials deem that there are “local circumstances, including environmental conditions such as proximity to salt water,” that would require a milestone inspection every 25 years if they were within three miles of the coastline.

The revised bill also allows local officials to offer buildings additional time past the deadline if they have a contract with an architect or engineer.

The law was passed after the deadly Surfside collapse in June of 2021 and raised concerns across Florida about the structural integrity and safety of older buildings. Champlain Towers South, built in 1981, collapsed right as its 40-year recertification was due; ninety-eight people lost their lives.

“In the long-term, these safety inspection requirements are a good thing. It’s going to add a considerable layer of expenses that probably should have happened years ago,” said Elliot Koolik, founding partner with the Koolik Group with Compass in Boca Raton.

A key part of the law entitles buyers of certain buildings to a copy of the milestone inspection of the building when they enter into a contract, as well as a structural-integrity-reserve study, which notes the amount of funds needed to be reserved for future major repairs and replacement of the condominium property, with certain exceptions granted.

“In the older buildings, there are more buyers reserving their decisions to see how this will play out. There are people that are hesitating because they don’t want a big expense without knowing it,” Koolik said.

Closed sales for condos have decreased overall when compared to last year. In Palm Beach County, closed sales for condos decreased by about 21.4%, according to the Miami Realtors Association.

Broward County’s condo sales decreased 28.7% year over year. In Miami-Dade County, closed sales for condos decreased 43.8% year over year.

This uncertainty doesn’t mean the condo market is failing; rather, the fall in sales can be contributed to a few factors: the rise in mortgage rates, the slowdown that has also affected the rest of the market, and potentially a small part being hesitation from prospective buyers, real estate agents said.

“In older buildings, there might be some price depression and more people selling, but overall the market has been pretty strong,” Koolik said. “In general, newer construction is doing well depending on the price point you are looking at.”

In light of the uncertainty in some areas or buildings, there are things buyers and sellers can do to prepare and work around it, Lichtenstein noted. It’s especially important for a seller to know as much about the building’s financials as possible and to disclose that information upfront to the buyer.

Overall, there are still options for buyers looking to get into a condo.

“Just because a building is older, it doesn’t mean that it needs a lot of updates. Many condo associations have been diligent and they have stayed on top of this.” Koolik added.

© 2023 South Florida Sun-Sentinel. Distributed by Tribune Content Agency, LLC.

Lower, Middle Classes Increasingly Priced Out Of Homes

 By Eric Scicchitano

In the past 10 years, the monthly mortgage payment for a median-priced home has tripled but salaries haven’t kept up. The lower-middle class has been hurt the most.

NEW YORK – Mortgage payments on homes sold at the median price across the U.S. have nearly tripled over the past decade.

The growth of median salaries hasn’t approached that pace.

There are fewer homes for sale nationally, and those listed on the market are more expensive than ever. Middle-class Americans, particularly on the lower end, are finding themselves priced up and priced out of the housing market for single-family homes.

Households earning median incomes or less could afford just 1 in 5 real estate listings by the close of 2022, according to analysts from the Urban Institute, a Washington, D.C.-based think tank.

“This is a huge decline. In 2016, those same households could afford roughly half of the homes that were listed for sale,” said Amalie Zinn, a research assistant with Urban Institute’s Housing Finance Policy Center.

Over the past month, reporters from CNHI News nationwide have sought to examine the issues surrounding affordable housing, who is most impacted by a lack of it and what solutions states and communities have implemented.

The National Association of Realtors found that there was just one listing considered affordable for every 65 households earning $75,000 to $100,000 annually in 2021, down from 1 in 24 in 2019.

The median sales price of homes in the fourth quarter of 2012 was $251,700, according to data from the Federal Reserve Bank of St. Louis. At the approximate 18% average down payment as reported by real estate firm Redfin and the 3.34% interest rate at that time, the monthly mortgage for a 30-year fixed loan was roughly $908.

Such payments shot to $2,630 by the close of 2022 when the median sales price hit $467,700. Down payment averages sunk to 10%, and interest rates stood nearly double at 6.39%. The end result is a 44.6% increase in the monthly bill in 10 years’ time at the median level.

Tough on middle-income earners

Doubling the current average down payment likely wouldn’t help affordability for middle-income earners in the scenario above, according to Nadia Evangelou, senior economist and director of real estate research with the National Association of Realtors.

“A middle-class income still can’t afford to buy,” Evangelou said. “Of course, it’s a local issue. There are some areas where affordability is better than others.”

Census Bureau data shows the median income in 2012 was $60,313, compared to $70,784 last year.

Housing market indicators studied by the U.S. Housing and Urban Development show affordability exists among median-income earners, and that as of February, those considered middle-income households earn just enough to qualify for a 30-year fixed loan. But the affordability index stood about 30 points below historic norms.

Those who own homes are at a serious advantage in terms of building wealth and cashing in on the current market. National Association of Realtors calculations found that low-income homeowners built $98,900 in wealth since 2012 from home price appreciation alone. Middle- and upper-income owners amassed $122,100 and $150,800 on average.

That wealth accumulation is reflective, in part, of demand.

Month-to-month sales of existing and new homes in early 2023 were up but well below year-over-year returns. According to data studied by HUD, the overall inventory of new and existing homes did climb in February, but the lack of housing stock is still in the extremes.

The homebuying website Realtor.com estimates the country is short on single-family homes by up to 6.5 million units. A swell of multifamily home construction drops that gap to 2.3 million homes, but such development is more prevalent in highly populated areas.

New home construction in February was down nearly 32% compared to February 2022, according to HUD, while construction of multifamily homes – five or more units in a single structure – climbed by 14% above the year prior.

The lack of housing is evident in Pennsylvania, according to a data study by the commonwealth’s Independent Fiscal Office. There were 41,421 new listings in March 2022, with 11,803 sold at a median price of $197,787. Last month, new listings fell year-over-year to 33,215, with 9,744 sales at a median price of $200,787.

Completed construction and manufactured home shipments topped 1.5 million units in 2022, the highest total since 2007, said Leonard Kiefer, deputy chief economist with Freddie Mac. He said that from 1968 until 2007, there were only four years when the U.S. ended a year with fewer new housing units.

“We’re making progress, adding new units and trying to fill a hole that’s built up over a decade, but the gap is substantial,” Kiefer said.

Kiefer said 2023 is trending to be a tough year for homebuyers. He said that climate could carry at least into next year, too. A limited supply of homes for sale drove prices high above the rate of inflation, he said, pointing to the estimated $12 trillion in equity homeowners collectively added since 2019.

From an affordability perspective, Kiefer said the environment is challenging. However, for middle-class America, the environment hasn’t evaporated.

“I don’t believe that,” Kiefer said when asked if the market is gone for the middle-class and lower-middle class. “There are challenges, but they are not insurmountable, I believe.”

To best navigate the existing market, Zinn recommends homebuyers seek help from housing counselors. A list of nationally approved agencies and a link to a searchable database is available at HUD.gov. Counselors help decide whether the timing is right for a prospective buyer to purchase. They discuss short-term and long-term implications. Zinn said they can also help current homeowners avoid delinquencies and repossession. There’s aid for down payment assistance, mortgage buy-down to lower interest rates, and more.

Jung Hyun Choi, the senior research associate with Urban Institute’s Housing Finance Policy Center, pointed to downpaymentresource.com as one option for information. Choi said those with lower incomes seek information on government-sponsored enterprise loans and programs for first-time homebuyers.

Copyright © 2023, Allied News / CNHI, LLC. All rights reserved.

Some city residents in Florida moving to more affordable towns

 By James A. Jones Jr.

As out-of-state and international buyers focused on Miami and other cities, more residents of those cities headed to Florida’s smaller and more affordable towns.

MIAMI – Florida’s population grew by 416,754 last year, with a whopping 318,855 of those migrating from other states, according to the U.S. Census Bureau. Many of the new residents made a bee-line to major metropolitan areas like Miami-Dade, Tampa and Orlando, adding to congestion and traffic.

But they also helped create a domino effect.

Some already living in Florida’s largest metros said they had enough of the congestion and high costs and looked to move to less crowded areas, like Manatee County.

“We are absolutely seeing that,” said Kristine Smale, senior vice president of Zonda, which provides data and insight to the housing and development industry.

‘Parrish area is absolutely exploding’

Prime areas for Miami residents looking to relocate include Port St. Lucie, Naples, Fort Myers and Bradenton-Sarasota – particularly Lakewood Ranch and Parrish.

“The Parrish area is absolutely exploding. There are more lots under development for housing in the Manatee-Sarasota area than in the Tampa area,” Smale said.

An estimated 37,000 residential lots are under development in the Bradenton-Sarasota area, compared to an estimated 22,000 lots in all of Hillsborough, Pinellas, Pasco and Hernando counties, Smale said.

Factors on the exits from Miami include not only the crowding but some of the highest housing price increases in the United States, Smale said.

Not that Bradenton doesn’t have its own affordable housing issues.

Among Florida cities, only Miami-Dade – the most competitive rental market in the United States – and Orlando, which ranked third on the list, were more competitive than Southwest Florida, which ranks 11th, RentCafe.com, a nationwide apartment search website, reported in January.

In-state migration

Florida was the fastest-growing state in the country in 2022, with a 1.9% population increase, bringing the population to 22,244,823.

Although the rate of increase is not expected to continue indefinitely, the influx of new residents has brought more young people to the state and helped fuel the growth of more high-wage jobs, Smale said.

John Boyd, principal of the Boca Raton-based The Boyd Company, which provides recommendations on corporate site selection, said there are a number of factors contributing to the in-state movement of residents. In Miami, it’s because the area has become one of the least affordable housing markets in the United States, fueled by second-home buyers, the trend of homes being converted into vacation rentals and investment properties, and equity firms buying up housing stock.

In the aftermath of the Surfside condominium collapse in June 2021, the Florida Legislature passed a law requiring condo associations to have sufficient reserve funding to make routine structural inspections and repairs.

Where does money come for condo reserves? Out of the pockets of individual condo owners.

The largest concentration of condos in the state are in Miami-Dade, Broward and Palm Beach counties, Boyd said. Other factors in the cost of living include fast-rising costs for property and auto insurance.

Although Bradenton and Sarasota have not been immune to the same economic headwinds, the cost of living is about 19% cheaper than in the Miami area, Boyd said.

The ‘sweet spot’

The Interstate 75 corridor from Naples to Tampa is an economic “sweet spot,” Boyd said.

Development of Allegiant airline’s Sunseeker Resort in Charlotte Harbor, which suffered millions of dollars of damage from Hurricane Ian, is back on track and will have a powerful impact on Southwest Florida, helping attract more second homebuyers, Boyd said. The resort is expected to open in October.

Other areas in Florida which are attracting residents from more congested cities include Lake Mary, Lake Nona and Gainesville, Boyd said.

The arrival of Brightline train service between Orlando and Boca Raton, Fort Lauderdale and Miami will also help people move from more congested areas, he said. The link to Orlando is expected to open later this year. Having more mass transit, such as Brightline, is appealing to Florida transplants from New York, Massachusetts and other highly populated areas.

“It’s in their DNA,” Boyd said.

While the national economy remains a concern with inflation and high interest rates, the future for Southwest Florida looks bright, he said.

Bradenton benefits from proximity to Tampa

“Tampa has emerged as a major global tech market and is a huge engine of economic activity. Few markets in the United States can compete with what Southwest Florida brings to the table,” he said. “If you are looking for a positive economic indicator, Sarasota Bradenton International Airport is the fastest-growing airport in the country,” Boyd said.

Lakewood Ranch still growing

Lakewood Ranch recently reported that it closed the first quarter of 2023 with 580 sales, a 17% increase over the same quarter in 2022. In March, builders reported 236 sales, which was a 33% increase over the same month in 2022, as well as a 33% gain over February of 2023. The average price was $748,481.

“Florida is still seeing a great deal of in-migration from other states, but more recently, the Ranch has been experiencing increasing moves from within Florida, mostly from high-priced, congested regions,” Laura Cole, senior vice president of LWR Communities, LLC, said in a press release.

Those top Florida feeder markets to Lakewood Ranch include Miami, Tampa and Orlando, she said.

Manatee County grew by 29,420 residents in three years as of July 2, 2022, according to the U.S. Census Bureau estimate. Since 2010, Manatee County has added 106,292 residents with a total of 429,125 people as of the 2022 estimate.

© 2023 Miami Herald. Distributed by Tribune Content Agency, LLC.

Out-of-Town Moves: Miami, Phoenix, Las Vegas, Tampa and Orlando were the most popular move-to destinations.

 By Kerry Smith

The number of buyers looking within their metro dropped 15.6% in the 1st Quarter of 2023, but the number looking elsewhere fell only 4.2%. 

Florida has 5 of top 10 want-to-move-to metros.

SEATTLE – The pandemic-era trend of buyers relocating greater distances didn’t end with the pandemic. While Redfin says searches on its website were down overall in the first quarter (1Q) of 2023, the number searching for a home outside their current metro was down only 4.2% compared to a drop of 15.6% of buyers seeking something else near their current location.

During the pandemic, both of those numbers shot up – but the out-of-state mover numbers shot up more.

The reasons for long-distance relocations have changed a bit, though. Many out-of-state moves took place during the pandemic because workers were no longer tied to an office and commute. More recently, a drive for affordable housing has become more important. Relatively affordable places are some of the nation’s most popular destinations.

And of the top 10 move-to cities cited by Redfin for 1Q, five are in Florida.

Looking at the trend another way, house hunters moving to a new area make up a bigger piece of the homebuying pie than ever. A record one-quarter (25.1%) of Redfin.com home searchers looked to relocate to a new metro in the first quarter. That’s up from 22.8% a year earlier and around 18% before the pandemic.

Top 10 move-to U.S. metros, 1Q year-to-year

Popularity is determined by net inflow – how many more users looked to move into an area than leave.

1. Miami: Net inflow 8,600 – top origin city, New York City
2. Phoenix: Net inflow 7,600 – top origin city,  Seattle
3. Las Vegas: Net inflow 6,600 – top origin city, Los Angeles
4. Tampa: Net inflow 6,000 – top origin city, New York City
5. Orlando: Net inflow 5,400 – top origin city, New York City
6. Sacramento: Net inflow 5,400 – top origin city, San Francisco
7. Cape Coral: Net inflow 4,900 – top origin city, Chicago
8. North Port-Sarasota: Net inflow 4,900 – top origin city, Chicago
9. Dallas: Net inflow 4,800 – top origin city, Los Angeles
10. Houston: Net inflow 4,300 – top origin city, New York City

Things have changed a bit for the top outbound cities, however. While the nation’s largest cities generally saw a population decline during the pandemic, a few are now seeing a better balance between incoming and outgoing residents. Immigration into major U.S. coastal cities like New York and Los Angeles, for example, has rebounded after dropping off drastically in 2020 and 2021.

In many cases, an uptick in international buyers has made up for some of the residents moving to less expensive destinations. The net inflow of immigrants more than doubled from 2021 to 2022 in the Bay Area, New York, Los Angeles, Washington, D.C. and Boston.

“Several years of declining immigration, compounded by Americans flowing out of big coastal cities during the pandemic, resulted in many major coastal cities losing population,” says Redfin Deputy Chief Economist Taylor Marr. “Last year’s immigration rebound was a boon for those cities, which take in most of the people who move to the U.S. from other countries. For the housing and rental markets, the recovery should add enough demand to at least partly make up for the existing residents who move further inland.”

Top 10 move-out U.S. metros, 1Q year-to-year

1. San Francisco: Net outflow 31,100 – top destination city, Sacramento
2. New York: Net outflow 23,400 – top destination city, Miami
3. Los Angeles: Net outflow 20,300 – top destination city, Las Vegas
4. Washington, D.C. : Net outflow 18,000 – top destination city, Miami
5. Boston: Net outflow 5,800 – top destination city, Miami
6. Seattle: Net outflow 4,700 – top destination city, Phoenix
7. Chicago: Net outflow 4,500 – top destination city, Cape Coral
8. Denver: Net outflow 4,200 – top destination city, Chicago
9. Hartford: Net outflow 3,200 – top destination city, Boston
10. Minneapolis: Net outflow 2,500 – top destination city, Chicago

Overall, Miami, Phoenix, Las Vegas, Tampa and Orlando were the most popular move-to destinations. Sun Belt locales are typically the most popular because they’re relatively affordable. The typical home in eight of the 10 most popular destinations is less expensive than in its top origin.

People are also moving to the Sun Belt from other countries, and immigration into seven of the 10 most popular migration destinations – Phoenix, Tampa, Orlando, Cape Coral, North Port-Sarasota, Dallas and Houston – more than doubled from 2021 to 2022. However, they still didn’t achieve the total numbers of immigrants as the nation’s big coastal metros.

© 2023 Florida Realtors®

Case-Shiller: Feb. U.S. Home Prices ‘Moderated’

 By Kerry Smith

Of the 20 cities included in the indices, 8 had price declines – but Florida led the U.S. in price increases with #1 Miami (up 10.8% year-to-year) and #2 Tampa (7.7%).

NEW YORK – S&P Dow Jones Indices (S&P DJI) February results on U.S. housing prices reported a 2.0% annual gain, down from 3.7% in January. Its 10-City Composite annual increase was 0.4%, down from 2.5% month-to-month; the 20-City Composite posted a 0.4% year-over-year gain, down 2.6% month-to-month.

Miami, Tampa, and Atlanta again reported the highest year-over-year gains among the 20 cities, and the order remained the same: Miami led the way with a 10.8% year-over-year price increase, followed by Tampa in second with a 7.7% increase, and Atlanta in third with a 6.6% increase.

“Home price trends moderated in February 2023,” says Craig J. Lazzara, managing director at S&P DJI. “The National Composite, which had declined for seven consecutive months, rose a modest 0.2% in February and now stands 4.9% below its June 2022 peak.”

Lazzara says moderation is locally as well as nationally.

“Before seasonal adjustment, prices rose in 12 cities in February versus in only one in January. Seasonally adjusted data showed nine cities with rising prices in February versus five in January. With or without seasonal adjustment, most cities’ February results showed improvement relative to their January counterparts.”

However, ongoing stark regional differences are “most interesting” to Lazzara.

“Miami’s 10.8% year-over-year gain made it the best-performing city for the seventh consecutive month,” he says, while “Tampa  and Atlanta continued in second and third place, with Charlotte (up 6.0%) close behind.

“Results were different in the Pacific and Mountain time zones. Last month, four West Coast cities (San Francisco, Seattle, San Diego, and Portland) were in negative year-over-year territory. In February they were joined by four of their western neighbors, as Las Vegas (down 2.6%), Phoenix (down 2.1%), Los Angeles (down 1.3%), and Denver (down 1.2%) all tipped into negative territory.

“It’s unsurprising that the Southeast (up 7.8%) remains the country’s strongest region, while the West (down 4.2%) continues as the weakest.

© 2023 Florida Realtors®