JACKSONVILLE, Fla. – The housing boom that fueled a major increase in home prices during the coronavirus pandemic may finally be cooling off.
Economists say several signs are indicating that the market may be correcting itself, while the price to rent a home or apartment continues to climb.
Financial experts are watching the housing market very closely as the winter months approach after the cost of buying a home or renting skyrocketed nationwide. While experts do not expect the housing market to crash like it did in 2008, economists say there are indicators that the market may be returning to normal.
″We are near the peak. I don’t expect there to be a crash,” said real estate economist Ken Johnson.
Johnson says Jacksonville-area home prices are about 23% higher than what they would be in typical conditions.
“To see that price growth is slowing is a good thing because you don’t want to get too far away, but are we there…