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Housing Market
The housing market is a key indicator of the state's economy as a whole. If new or existing homes are being bought and sold at a good rate, then the economy is generally in sound shape.
Why Is This Important?
A healthy housing market facilitates residential mobility, both for new and existing residents. As a state that is dependent upon migration for population growth, the health of the housing market is an essential element in measuring the potential for future growth.
How Is Florida Doing?
Since the worldwide recession has spread to most facets of national and state economies, housing has slowed substantially, both in construction and sales. Single family housing permits for new homes dropped again in 2009. However, the first signs of Florida's emergence from the depths of the recession are provided by The number of existing single-family homes sold in 2009. For the first time since 2005, this important economic indicator rose from the previous year. A total of 163148 homes were sold on 2009, up by nearly 1/3 over 2008. By the end of calendar year 2009, the median price of an existing single family home was down to $142,600.
Scorecard
What Influences Housing Market?
The current status of the economy is a major influence on the housing market. In Florida, the increasing values of homes have led to higher property tax and homeowner's insurance rates, leading to a slowdown in the housing market.
What Is the State's Role?
The state can make spending and budget decisions dedicated to keeping Florida's economy running in an upward direction. Protecting key areas such as tourism and housing will keep economic engines running that can lead to a healthy housing market.
Florida has taken action to lower property taxes and property insurance and suggested incentives to re-invigorate a slowing housing market.
For More Information
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Contact:
Florida Legislature, Office of Economic and Demographic Research
at
(850) 487-1402
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On the Web:
http://www.edr.state.fl.us
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