According to a new Zillow survey, Florida has overtaken New York to become the country’s second most-valuable housing market. California, which contains one-fifth of the U.S. housing market, is still number one by far, but Florida’s rise has been astonishing. The value of the state’s housing supply has increased by 4% since June 2022, while the housing values of California and New York have dropped (California by a lot, New York only slightly). The total value of U.S. housing rose more than $2.6 trillion in the past year, even with off-putting mortgage rates. (The average rate on the popular 30-year fixed mortgage hit 7.72% in October.) “Despite the presence of higher mortgage rates, which deterred some home shoppers and kept many existing homeowners on the sidelines, enough buyers remained to keep the market moving,” writes Orphe Divounguy, a senior economist at Zillow. What Florida region accounts for the gains? South Florida, particular the Miami metro area, which is now the fifth most-valuable housing market in the nation, following New York, Los Angeles, San Francisco and Boston, but beating powerhouses Washington, D.C., Chicago and Seattle. Miami home values have increased more than 80% since the start of the pandemic.
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