Florida - Monday May 13, 2024: The U.S. housing market, which cooled off in 2023 after a pandemic boom, is showing signs of a revival according to a new report on constructioncoverage.com.
The median home sale price grew 5.3% year-over-year in March 2024, and homes are selling more quickly—the share of homes sold in under two weeks is up 1.3 percentage points during that same period. This uptick in activity suggests a potential return to growth, incentivizing builders to seek permits for new construction, which could help alleviate the inventory shortage that has plagued the country for years.
Some locations, however, are investing more in new residential construction than others compared to the same time last year. Researchers calculated the percentage change in value of new residential housing units authorized by permit-issuing places from Q4 2022 to Q4 2023, then ranked states accordingly.
Here are the key takeaways from the report for Florida:
- The value of newly authorized housing units in Florida increased by 19.7% during that same time period.
- Compared to the year prior, newly authorized residential housing units in Florida were up 1.5% in Q4 2023—a total increase of 871 units.
- Overall, Florida saw a greater year-over-year increase in home construction value than the nation as a whole (18.9%).
Here is a link to the complete results of the analysis, with data on nearly 400 U.S. metros and all 50 states. Feel free to
