DRIVERS. AS WELL AS FLORIDA. STILL A DESIRABLE STATE TO BUY A HOME. NATIONWIDE HOME SALES ARE UP 5% FROM LAST YEAR, BUT A NEW STUDY FOUND THAT THEY’RE GOING DOWN IN FLORIDA’S BIGGEST CITIES. WESH TWO JUSTIN SCHECKER HAS MORE ON THE REASONS FOR THE STATE’S SLUMPING HOUSING MARKET. HIT BY SETBACKS SUCH AS THE BACK TO BACK HURRICANES AND HIGH PROPERTY INSURANCE COSTS, THE HOUSING MARKET ACROSS THE SUNSHINE STATE IS COOLING DOWN, ACCORDING TO A NEW REPORT FROM THE REDFIN REAL ESTATE BROKERAGE LINDSEY GARCIA IS A REDFIN AGENT BASED IN SOUTH FLORIDA. WE’RE IN A VERY SLOW MARKET AND NOW THAT WE’RE COMING TO THE HOLIDAYS, IT’S GOING TO BE EVEN A LITTLE SLOWER. EXCEPT FOR THOSE THAT ARE VACATION RENTALS, BECAUSE WE ALWAYS RECEIVE SNOWBIRDS. THE ORLANDO HOUSING MARKET IS THE GREEN LINE ON THIS CHART. REDFIN FOUND PENDING HOME SALES HERE HAVE STARTED TO RECOVER AFTER A 14% DROP IN THE WEEKS AFTER HURRICANE MILTON SWEPT ACROSS CENTRAL FLORIDA. STILL, THE REDFIN REPORT SAYS FLORIDA IS HOME TO THE FIVE U.S. METRO AREAS WHERE SALES ARE FALLING FASTEST, SO IT IS HAPPENING ALL OVER. BUT I THINK IN CONDOS IS WHEN PEOPLE SUFFER THE MOST. I THINK IT’S AS A SINGLE FAMILY, YOU HAVE MORE OPTIONS. AFTER THE SURFSIDE CONDO COLLAPSE IN SOUTH FLORIDA STATE LAWMAKERS APPROVED NEW BUILDING SAFETY REGULATIONS IN 2022 THAT ARE DRIVING UP HOA FEES TO PAY FOR INSPECTIONS. GARCIA SAYS SOME FLORIDA CONDOS ARE SITTING ON THE MARKET FOR MORE THAN A YEAR, SO IT IS A COMBINATION OF HIGH INSURANCE AND NOW YOU KNOW, HIGH DUES FOR THE RESEARCH FUNDING STUDIES. ALL THE WORK RELATED TO THAT. AND ALSO THEN SPECIAL ASSESSMENT ALSO RELATED TO THE WORK THAT THEY NEED TO DO TO GET THEIR CERTIFICATION THAT NOW IS EARLIER THAN BEFORE. GARCIA TELLS WESH TWO NEWS THE OUTLOOK FOR THE STATE’S HOUSING MARKET COULD IMPROVE IN THE NEW YEAR, AND THEN INTEREST RATE WENT A LITTLE DOWN THIS WEEK, AND WE’RE EXPECTING THAT IT’S GOING TO BE MORE REDUCTION BY THE FED SO THAT IS GOING TO HELP. AND I THINK THE SITUATION WITH THE MARKET IS GOING TO IMPROVE. IN ORLANDO, JUSTIN SCHECKER WESH TWO NEWS. AND ACCORDING TO REDFIN, THE FIVE FLORIDA METRO AREAS WITH THE BIGGEST DROPS IN HOME SALES ARE FORT LAUDERDALE, MIAMI,
Florida housing market cooling down amid high insurance rates, active hurricane season
A Redfin Real Estate study found the five U.S. metro areas with the biggest declines are in Florida.
Updated: 4:48 PM EST Nov 29, 2024
Hit by setbacks such as the back-to-back hurricanes and high property insurance costs, the Florida housing market is cooling down, according to a new report by the Redfin Real Estate brokerage.”We’re in a very slow market, and now that we’re coming to holidays, it’s going to be even a little slower, except for those are vacation rentals because we always receive snowbirds,” said Lindsay Garcia, a Redfin real estate agent based in South Florida.According to the Redfin study, the Orlando housing market is starting to recover after a 14% drop in the weeks following Hurricane Milton, which swept across Central Florida. Still, the Redfin report found that Florida is home to the five U.S. metro areas where home sales are falling fastest. They are Fort Lauderdale, Miami, West Palm Beach, Jacksonville and Tampa.”So it is happening all over, but I think in condos is when people suffer the most. I think it’s as a single family, you have more options,” Garcia said.After the Surfside condo collapse in South Florida, state lawmakers approved new building safety regulations in 2022, driving up HOA fees to pay for inspections. Garcia said some Florida condos are sitting on the market for more than a year.”So it is a combination of high insurance and now, you know, high dues for the reserve funded studies, all the work related to that, and also then special assessment, also related to the work that they need to do to get the recertification that now is earlier than before,” Garcia said.Garcia tells WESH 2 News that the state’s housing market outlook could improve in the new year.”And then interest rate went a little down this week, and we’re expecting that it’s going to be more reduction by the Fed. That. So that is going to help. And I think the situation with the market is going to improve,” Garcia said.
Hit by setbacks such as the back-to-back hurricanes and high property insurance costs, the Florida housing market is cooling down, according to a new report by the Redfin Real Estate brokerage.
“We’re in a very slow market, and now that we’re coming to holidays, it’s going to be even a little slower, except for those are vacation rentals because we always receive snowbirds,” said Lindsay Garcia, a Redfin real estate agent based in South Florida.
According to the Redfin study, the Orlando housing market is starting to recover after a 14% drop in the weeks following Hurricane Milton, which swept across Central Florida.
Still, the Redfin report found that Florida is home to the five U.S. metro areas where home sales are falling fastest. They are Fort Lauderdale, Miami, West Palm Beach, Jacksonville and Tampa.
“So it is happening all over, but I think in condos is when people suffer the most. I think it’s as a single family, you have more options,” Garcia said.
After the Surfside condo collapse in South Florida, state lawmakers approved new building safety regulations in 2022, driving up HOA fees to pay for inspections. Garcia said some Florida condos are sitting on the market for more than a year.
“So it is a combination of high insurance and now, you know, high dues for the reserve funded studies, all the work related to that, and also then special assessment, also related to the work that they need to do to get the recertification that now is earlier than before,” Garcia said.
Garcia tells WESH 2 News that the state’s housing market outlook could improve in the new year.
“And then interest rate went a little down this week, and we’re expecting that it’s going to be more reduction by the Fed. That. So that is going to help. And I think the situation with the market is going to improve,” Garcia said.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.