Is Florida's Downturn Coming for the Rest of the Country?

It feels a bit like 2004

Welcome back to Home Economics—research about America’s housing market.

Home prices in Florida are now 3% below the peak they reached in May 2024.

This is in itself is not particularly meaningful. About half of the states are now below their recent peaks. And among these states, at 3% below the peak, Florida has fallen by less than many. Arizona, for exam…