By Alexandra Clough – Palm Beach Post Staff Writer
“The red-hot housing market just put up a warning flag.
Existing home sales dropped in February from the previous month, and the National Association of Realtors isn’t sugar-coating the news.
Although Chief Economist Lawrence Yun cited winter blizzards and stock market declines as factors, the main problem is growing fear over the economy, he said.
“Home prices and rents outpacing wages, and anxiety about the health of the economy, are holding back a segment of would-be buyers,” Yun said in a statement.
Low supply levels and high home prices are further crimping sales.
“Finding the right property at an affordable price is burdening many potential buyers,” Yun added.
That’s bad news for Florida, which depends on people living outside the state to sell their homes and move to the subtropical climes of Palm Beach County and the Treasure Coast.”