Florida ranks among the top states for housing growth, according to a study showing it has added about 1.4 million housing units in the past 10 years.
The study, conducted by Construction Coverage, found that Florida is the fifth highest-ranking state for housing unit growth over the past decade with a 15.5% increase, behind Utah, Texas, Idaho, and Colorado.
Construction Coverage also notes that despite this, Florida has seen population growth outpace housing construction in some regions, “increasing competition for available homes.”
The report warned: “If this imbalance persists, housing affordability challenges may intensify as demand continues to outpace supply.”
Hannah Jones, senior economic research analyst at Realtor.com, told Newsweek that the booming housing market In Florida during the COVID-19 pandemic has dipped dramatically in the past year due to low demand.
“The Florida housing market was thrown off balance during the pandemic, as inventory levels fell far short of the surge in housing demand from incoming buyers,” Jones said. “Today, for-sale inventory has surpassed pre-pandemic levels, driven by a wave of completed new construction and existing homes hitting the market, but buyer demand has cooled.”
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