The sharpest decline occurred in the Cape Coral-Fort Myers region of Florida, where prices fell by 9% year-on-year to $341,250. Experts attribute this trend to several factors at once: the correction after the pandemic boom, as well as a sharp increase in insurance premiums and property taxes.
The situation is particularly difficult in Florida, where homeowners already pay the highest insurance rates in the country. After the recent hurricanes and the reassessment of flood zones, the average annual insurance increased by 18%, exceeding $ 8,200. In some cases, as brokers point out, unaffordable insurance becomes a direct reason for the sale of houses.
According to a survey by the University of Florida, about half of the state's residents are already thinking about moving due to the high cost of living, and 80% are concerned about housing affordability. Against this background, in other regions, for example, in Detroit on the "Rust Belt", prices on the contrary increased by 17%, there was no such pandemic surge.
Nevertheless, analysts note that the U.S. market as a whole is gradually becoming more customer-friendly. Mortgage rates dropped to 6.3% (from 6.8% a year ago), and sellers are forced to take a more realistic approach to pricing. In April, supply prices declined for the sixth month in a row.
Jake Krimmel, senior economist at Realtor.com, called what was happening a "return to reality" rather than a collapse. According to him, there are more houses on the market now, financing has become a little cheaper, and median prices have gone down, which gives buyers a real advantage, especially in the spring of 2026.
Source: CBS News
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