In January, the Utah Association of Realtors reported that listings (homes for sale on various Utah listing services) increased by 23.7% over January 2024, with moderate price increases expected by the end of this year. In addition, median home prices, in all housing types, are expected to rise this year, from $505,000 to $520,000. But outside the state, there are some scary reports coming in from Florida and Texas that suggest an imminent housing crash is about to take place!

Stephan Schwartz, editor of SchwartzReport.net, predicts that Florida will experience a trillion-dollar real estate collapse this year. Back in 2006 and 2007, housing values in that state dropped by 50%. But then the U.S. economy recovered and a decade later, housing prices have gone crazy there.

Snowbirds and young professionals moved to the Sunshine State and drove up prices, as did investors who turned many homes and condos into short-term rentals. There were standing-room-only open houses with three buyers for every home. But right now, it's ten homes on the market for every prospective buyer, turning a seller's market into a buyers' market.

More people are leaving Florida than any other state, which is leaving super high amounts of homes and condos for sale. And one of the biggest reasons people are leaving is that home insurance rates are out of control!

Last week, Citizens Property Insurance shed 100,000 of its clients. It was created as an insurer of last resort, since so many other companies have cancelled policies due to flooding, hurricane risk and aging condo projects.

The Miami Herald reported that condo sales fell by nearly 20% in Miami-Dade and Broward counties, more evidence that interest in South Florida high-rise living continues to plummet. Total existing condo sales fell by 19% in Miami-Dade compared to a year ago in September, from 1,090 deals to 883, according to the latest monthly housing report by the Miami Association of Realtors. Broward County saw a similar decline of close to 18% year-over-year, from 1,122 deals to 922.

The decline in transactions comes at a time when condo owners are fleeing in droves, facing huge increases in condo fees, special assessments and looming reserves due to new Florida laws approved after the Surfside condo collapse there in 2021.

Watch out, as the policies that President Donald Trump is putting into place are very worrisome. Remember that an indication of a changing market will see inventory going up, sales going down with prices dropping and dropping. Some analysts think mortgage interest rates will go up this year to 8%, others think it will drop to 6%.

The president promised that on his first day in office he would cut interest rates in half, but so far no good news is coming out for anyone wanting to get a mortgage, other than to hope a seller will contribute 2% to 2.5% of your closing costs to help buy down your mortgage interest rate.