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However, it is crucial for potential home buyers to recognize that even with a drop in prices, affordability remains a critical issue. The expectation should not be that houses will suddenly become affordable simply due to price drops, especially with interest rates still high.
A Mixed Picture
It’s important to note that not all areas of Florida are experiencing declines; some counties and metro areas continue to see price growth. For example, Miami-Dade County reports a 2.7% increase, while Okeechobee County has grown by 3.9%. This divergence in market conditions indicates that while certain regions are facing challenges, others still thrive.