Florida House Prices Are Falling

Home prices are on the rise across USA, and they only declined in 15 metropolitan areas in the entire nation in the first quarter of 2024—including three in Florida.

The latest quarterly report by the National Association of Realtors (NAR found more than 90 percent of metropolitan areas across the country saw prices climb between January and March, compared to the same time a year earlier.

About 30 percent of the 221 metropolitan areas analyzed by NAR experienced a double-digit annual price appreciation, up from 15 percent in the last three months of 2023. Only 7 percent of the metropolitan areas tracked by the group experienced price declines in the first quarter.

In Florida, Cape Coral saw home prices drop by 4.4 percent year-on-year, from $434,000 in the first quarter of 2023 to $415,000 in the first quarter of 2024. Despite this decline, prices were up from the median home price of $400,000 reported in the last quarter of 2023.

Panama City experienced a year-on-year price decline of 3.8 percent in the first quarter of 2024, with the median home price sliding from $365,000 to $351,000. Prices were also lower in the first quarter of the year compared to the last quarter of 2023, when the median price of a home in the city was $361,900.