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Study finds glimmer of hope in Florida’s battered housing market

As negative news continues to pour in, a study shows that home construction in Florida is among the best in the country.


Babcock Ranch, the 18,000-acre planned community with 19,500 residences and 6,000,000 square feet of commercial space, announced in April 2022 that it has sold more than 2,000 homes.
Babcock Ranch, the 18,000-acre planned community with 19,500 residences and 6,000,000 square feet of commercial space, announced in April 2022 that it has sold more than 2,000 homes.
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Despite worries about the housing market slowing down, a new study shows that Florida ranks among the top states in the country for home building.

According to data released by an Oregon real estate firm, 9.8 homes are being developed in Florida for every 1,000 residents. 

The study was released by PortlandRealEstate.com, which is a website for Matin Real Estate in Portland, Oregon. The firm used data from the U.S Census and the market research firm Statista to figure out which states have the most new homes under development per 1,000 residents. 

Florida ranked No. 3, behind Utah and Idaho. Utah has 11.7 homes under construction per 1,000 residents and Idaho has 11.43.

South Carolina and Colorado rounded out the top five.

 States with most and fewest new builds per 1,000 people
 1. Utah 11.70 50. Rhode Island 1.27
 2. Idaho 11.43 49. Connecticut 1.29
 3. Florida 9.80 48. Illinois 1.55
 4. South Carolina 9.76 47. New York 2.02
 5. Colorado 9.73 46. West Virginia 2.07

The top states rank far above the national average of 5.23 homes per 1,000 residents.

Driving development in the states on top of the list is a demand for housing that’s been created as people continue to move post-pandemic.

The study is an interesting snapshot of the real estate market in light of continued negative news about the housing market in recent weeks and months.

On Dec. 28, the National Association of Realtors announced home sales fell 4% nationally in November, the sixth straight month of month-over-month declines. Year over year, pending sales dropped by 37.8%.



Pending homes sales in November, when compared with a year ago, fell 34.9% in the Northeast; 31.6% in the Midwest; 38.5% in the South; and 45.7% in the West.

That news followed a pair reports a week earlier from both the national realtors’ group and Florida Realtors.

That data showed existing home sales in Florida fell 38.2% in November over the same time period last year, with condominium and town house sales falling 38.9% in November compared with last year.

Nationally, existing home sales across the country were down 35.4% in November from a year ago and 7.7% from October.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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