HOUSING PRICES - FLORIDA

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TAMPA MSA

HPI Price Walk:

2000 to Peak: Home prices rose 2.4X, or 13.4% annualized.

Peak to Trough: Decline of 48%, or (11.6)% annualized.

Trough to COVID: Home prices surging again; up 7.6% annualized.

COVID to Fed Tightening: Home prices surge 22.7% annualized.

Fed Tightening: Home prices rise 1.6% annualized.

Fed Pause to Current: Home prices rise 1.0% annualized.

TAMPA BAY: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is comparable in cost to U.S. averages.

Home "P/E" Ratio = 4.0X.

 Median home purchase is 4.0X median family income compared to 4.2X for U.S.; takes ~4.0 years of a Tampa Bay area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 30.7%.

 31% of families can afford median priced home (NAHB HOI)

MIAMI MSA

HPI Price Walk:

2000 to Peak: Home prices nearly tripled, or 15.0% annualized.

Peak to Trough: Decline of 51%, or (16.5)% annualized.

Trough to COVID: Home prices surging again; up 6.8% annualized.

COVID to Fed Tightening: Home prices surge 21.2% annualized.

Fed Tightening: Home prices rise 4.7% annualized.

Fed Pause to Current: Home prices rise 5.7% annualized.

MIAMI: HOME AFFORDABILITY

HOME AFFORDABILITY

 Home Affordability is significantly more costly than U.S. averages.

Home "P/E" Ratio = 6.5X.

 Median home purchase is 6.5X median family income compared to 4.2X for U.S.; takes ~6.5 years of a Miami area family's income to earn the sale price of the median priced home compared to ~4.2 years on average across the U.S.

NAHB HOI Index = 11.4%.

 Only 11% of families can afford median priced home (NAHB HOI)