Florida Real Estate Update (For What It’s Worth)

I am good friends with a real estate agent in SW Florida, and this is what he is telling me.

• Interest rates are having an effect on home prices. Homes that were selling for $325k, are now going for a lot less. Additionally, there is now an oversupply
• Northerners who thought they were going to continue to work from home, are now being told they have to return to the office or be fired. Many of these workers moved to Florida because of our lax Covid restrictions. Now, that has come to an end.
• A lot of people who moved to Florida, now realize that it is crowded, and hot as hell in the summer.
• He is now seeing grandparents no longer wanting to put up with the crowds and traffic, so they are moving closer to grandchildren.

All of this will lower inflation as an overall measure, and it also shows that what was a boomtime, eventually comes to an end.