Real Estate Prices Have Started Going Down, What Does This Mean?
October 17, 2022
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0:59Now PlayingReal Estate Prices Have Started Going Down, What Does This Mean?
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as posted by the channelReal estate prices are finally starting to come down in many parts of the country. Here's what we know right now. High interest rates are killing affordability, and prices were already in the stratosphere. Now prices are going down the fastest out West. Phoenix, Boise, and Vegas are already experiencing conditions that people are labeling a housing bust.
Meanwhile, in Los Angeles, San Diego, San Francisco, and Seattle, they're seeing a rapid cooldown. Still, the slowdown isn't happening nationwide yet. Around New York City and Chicago, prices seem to be holding steady, if not still increasing.
And, perhaps most shockingly, South Florida hasn't cooled down yet. Miami and Fort Lauderdale, home to some of the craziest price increases in the past two years, are still hanging in there- at least for now. Florida is, of course, famous for our housing busts, and hurricane Ian's damage on the west coast of Florida may derail that market. We'll continue watching closely everywhere for further price drops all over America.
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