Florida Housing Market Is Imploding, Price Drops Coming

"There are a lot of unsold houses scattered around the US and while this may be a source of hope for first-time buyers, the figures keep increasing outrageously especially in Florida. Redfin has shared that the number of homes for sale in Florida reached 198,531 units. With the median sale price now averaging around $422,500, an increase of 5.2 percent from 2023.
Almost 40% of homeowners today may not be able to buy back their houses if they had to buy it at the current market rate and value, keeping up with mortgage and other bills."