Florida Overtakes New York as Second-Biggest US Housing Market

Florida has overtaken New York to become the second most-valuable US housing market, according to a new study by Zillow.

The total value of US housing rose more than $2.6 trillion in the past year, Zillow said, defying predictions that higher borrowing costs would lead to a prolonged slump. Low levels of supply, enhanced by the lock-in effect — which has left current mortgage borrowers reluctant to give up their low-cost loans — have pushed nationwide prices to a new high.