Florida Housing Market Most Susceptible of a Downturn In a Recession: Redfin Report

California, Idaho also most susceptible to downturn in a recession

Housing markets that surged in popularity during the coronavirus pandemic and saw rapid rises in home prices are most susceptible to a housing downturn if a recession occurs, according to a new report by full service real estate brokerage Redfin.

(FOX BUSINESS) –Housing markets that surged in popularity during the coronavirus pandemic and saw rapid rises in home prices are most susceptible to a housing downturn if a recession occurs, according to a new report by full service real estate brokerage Redfin.

The housing market has already “slowed considerably” this spring as rising mortgage rates forced a lot of potential buyers out of the market, according to Redfin. A weekly survey of mortgage rates by Freddie Mac shows the 30-year rate at 5.3%.

Now, with fears of a continued economic downturn, the brokerage analyzed metros that are most susceptible to home-price declines if the country enters into a recession and which ones would be most resilient.

According to its analysis of 98 U.S. metros, homeowners in certain California, Idaho, Arizona and Florida markets have the highest likelihood of a housing market downturn, including year-over-year home-price declines, if the U.S. economy falls into a recession.

CLICK HERE TO READ FULL ARTICLE ON FOX BUSINESS

The post Florida Housing Market Most Susceptible of a Downturn In a Recession: Redfin Report appeared first on Space Coast Daily.

Read at the Space Coast Daily