In Fort Lauderdale, pending sales dropped 15.2% year over year during the four weeks ending Nov. 10—the biggest decline among the 50 most populous metro areas in the country that Redfin analyzed.
Florida is home to the five US metropolitan areas where pending home sales are falling the fastest, according to a new report by Redfin.
In Fort Lauderdale, pending sales dropped 15.2% year over year during the four weeks ending Nov. 10—the biggest decline among the 50 most populous metro areas in the country that Redfin analyzed. Next came Miami (-14%), West Palm Beach (-13.8%), Jacksonville (-9.5%), and Tampa (-7.2%). Nationwide, pending sales increased 4.7% over the same period.
“Florida’s housing market has been slowing for months as residents grapple with frequent natural disasters, along with a surge in home insurance costs and HOA fees fueled by intensifying climate risk. The latest shoe to drop was an especially devastating hurricane season. Hurricane Helene hit northwestern Florida on Sept. 26 and became the deadliest storm to hit mainland America in almost two decades. Then, roughly two weeks later, Hurricane Milton swept across central Florida,” the Redfin report stated.
Another factor is the state’s affordability crisis. Despite an increase in new construction, which tends to improve affordability, homes and property taxes in Florida are still significantly more expensive than before the pandemic.
The condo market has been one of the most impacted because of high HOA fees and homeowner’s insurance rates, in addition to special assessment costs due to new rules implemented after the Surfside condo collapse.
However, for some parts of Florida, the worst of the decline is over. In Tampa, pending home sales fell as much as 32.2% during the four weeks ending Oct. 20, a time period that encompasses the impact of both hurricanes. Now, Tampa is only down 7.2% year over year.
And in Orlando, pending sales fell as much as 14.1% during the four weeks ending Nov. 3, and are now down just 5.1%.
RELATED: Housing market cools along Florida’s Gulf Coast
Author
Support Our Cause
Thank you for taking the time to read our work. Before you go, we hope you'll consider supporting our values-driven journalism, which has always strived to make clear what's really at stake for Floridians and our future.
Since day one, our goal here at Floricua has always been to empower people across the state with fact-based news and information. We believe that when people are armed with knowledge about what's happening in their local, state, and federal governments—including who is working on their behalf and who is actively trying to block efforts aimed at improving the daily lives of Florida families—they will be inspired to become civically engaged.
DeSantis warns that Florida’s largest property insurer is ‘insolvent’
Citizens Property Insurance Corp, often called “the insurer of last resort,” has requested a 13.5% percent rate hike. Citizens Property Insurance...
The top 5 best places for first-time home buyers are in Florida
WalletHub compared 300 cities of varying sizes across 22 key indicators of market attractiveness, affordability, and quality of life. Between...
Need a laugh? Follow these 6 hilarious Puerto Rican influencers.
If there's been too much doom and gloom in your social feeds, make sure to follow these Puerto Rican comedy influencers. You'll thank us later....
Trump nominates former WWE head, private school voucher advocate for Education secretary
McMahon is relatively unknown in education circles, although she has expressed support for charter schools and private school vouchers. The...
