Florida’s ‘High-Beta’ Housing Market May Be Poised for a Rebound

While the national housing market remains deeply challenged, Florida and its cities show tentative signs of bucking the trend.The Sunshine State, which led the national market downward as high interest rates put the brakes on home sales three years ago, might now be poised for an early rebound.In July, Florida showed a "strong increase in home sales along with price recovering," National Association of Realtors® Chief Economist Lawrence Yun told reporters last week.That's in stark contrast to a year ago, when the Florida market was in decline, he said.The Florida market still has its share of challenges. The upcoming governor's race will determine how the state responds to its property insurance crisis and handles property tax reform. But there are surprising green shoots."Florida's housing market is showing more resilience than the national market," says Hannah Jones, a Realtor.com® senior economist. "The clearest strength, though, is at the top of the market."Home sales over $1 million are up 9.6% year over year in the state. They're now 11.4% of all Florida transactions, versus 8.4% to 9.0% nationwide. And those numbers are even more pronounced in Miami, where the entire $1 mill...