Florida’s housing boom has now shifted into reverse, with prices sliding by the most in at least 13 years.
The median price for all types of homes fell 1.7% in March from a year earlier, according to Redfin Corp. data going back to 2012.
The post-pandemic influx of out-of-state buyers has faded, pressuring demand. Home sales have fallen. Inventory is now at a record high in the data going back to 2012. Rising insurance costs and high mortgage rates have strained affordability.
The state’s condo market has also been buckling under soaring costs and new requirements for the upkeep of aging buildings. The cost of owning a condo has skyrocketed after the state began requiring more inspections and adequate reserves for repairs in the wake of the 2021 Surfside collapse. Many people trying to sell units are struggling because of special assessments to cover expensive maintenance.
Read More: US Housing Market Is Cooling Right as a Key Season Kicks Off
“A lot of it is driven by the condos, but it seems that the single-family market is also weakening,” said Redfin senior economist Sheharyar Bokhari. “The pandemic rush to Florida is dying down, and with mortgage rates being so high and staying high, it makes it really unaffordable for people paying for those high prices.”
Florida’s Housing Market is Weakening
Home-prices dropped in March from a year earlier as the market slows
For a condo or co-op in Florida, the median price fell about 7% in March to $307,500. The price for a single-family home was down about 2%.
Disclaimer
The information contained in South Florida Reporter is for general information purposes only.
The South Florida Reporter assumes no responsibility for errors or omissions in the contents of the Service.
In no event shall the South Florida Reporter be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence or other tort, arising out of or in connection with the use of the Service or the contents of the Service. The Company reserves the right to make additions, deletions, or modifications to the contents of the Service at any time without prior notice.
The Company does not warrant that the Service is free of viruses or other harmful components
