Florida’s housing market shows signs of stabilization as single-family home sales rose nearly 3% in June compared with last year.
Despite median prices hovering around $412,000, the head of the state’s Realtor association said homeownership is still within reach for many Floridians.
Tim Weisheyer, president of Florida Realtors, acknowledged the strain but pointed to state programs and historical context as reasons for optimism.
“We certainly acknowledge that with the radical increase that we’ve seen in home prices over the last decade and particularly coming through COVID-19, it’s certainly placed some affordability strain on individuals and families, especially those that are in that low- to moderate-income range,” Weisheyer outlined. “But we certainly know that homeownership is still within reach for them.”
Florida Homeownership Heroes
Weisheyer credited state efforts such as the Hometown Heroes program, which provides down payment assistance to essential workers, as a key tool.
The program recently received a $50 million infusion from the state Legislature but data from the National Association of Realtors finds the typical family still can’t afford the mortgage on a median-priced home.
Weisheyer cautioned against waiting for interest rates or prices to drop significantly, arguing building equity now is crucial for long-term wealth and delaying a purchase could have significant financial consequences.
“Home prices are not going to be declining,” Weisheyer projected.
“If you’re waiting, you’re only going to continue to see home prices increase over time and the ability to access equity now as opposed to later is incredibly important to building that long-term wealth.”
He added context, noting today’s interest rates of around 6% to 7.5%, while feeling high to many, are actually at or below the 50-year historical average.
However, the perspective comes as some housing analysts pointed out the combination of high home prices and interest rates has still created a significant affordability barrier for many first-time buyers, despite recent moderation in the market.
