{"id":77845,"date":"2024-04-25T05:30:15","date_gmt":"2024-04-25T12:30:15","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77845"},"modified":"2024-04-24T15:51:30","modified_gmt":"2024-04-24T22:51:30","slug":"housing-market-tracker-march-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2024\/","title":{"rendered":"Home Prices Stagnate in Florida and Texas as Supply Soars"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March\u2014more than anywhere else in the country. And in McAllen, TX, supply jumped 25%.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Housing supply is soaring because both states have been building a lot of homes, which is limiting home price growth. Buyer demand is also lackluster because many people are priced out. And in Florida, an insurance crisis is throwing a wrench into deals.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Nationwide, new listings slowed in March as mortgage rates remained elevated. The Fed recently warned rates are likely to stay high longer than expected.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On the west coast of Florida, housing supply is surging, sellers are cutting their asking prices and the time it takes to sell a home is soaring\u2014all at a faster rate than anywhere else in the U.S. The story is similar in parts of Texas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Florida and Texas have been <\/span><a href=\"https:\/\/www.census.gov\/construction\/bps\/data_visualizations\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a><span style=\"font-weight: 400;\"> more homes than anywhere else in the country, partly to accommodate the flood of newcomers that showed up during the pandemic homebuying boom. But the boom is over, in part because many people have been priced out. Now, homes are sitting on the market and price growth is stagnating.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how these trends showed up in U.S. housing-market data for March, which covers 85 major metropolitan areas:\u00a0<\/span><\/p>\n<ul>\n<li><b>Supply: <\/b><span style=\"font-weight: 400;\">Of the 10 metro areas that posted the largest year-over-year increases in supply, six are in Florida and two are in Texas. Cape Coral, FL saw the biggest jump in homes for sale (51%), followed by North Port-Sarasota, FL (48%), Fort Lauderdale, FL (30%), Tampa, FL (29%), McAllen, TX (25%), Orlando, FL (23%), Knoxville, TN (23%), Dallas (20%), West Palm Beach, FL (20%) and Cincinnati (17%).<\/span><\/li>\n<li><b>Price drops:<\/b><span style=\"font-weight: 400;\"> Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota<\/span><span style=\"font-weight: 400;\">, 48% of listings had a price cut\u2014the highest share in the country. Next came <\/span><span style=\"font-weight: 400;\">Tampa<\/span><span style=\"font-weight: 400;\"> (44%), Indianapolis (43%), <\/span><span style=\"font-weight: 400;\">Cape Coral <\/span><span style=\"font-weight: 400;\">(41%), Denver (37%), <\/span><span style=\"font-weight: 400;\">Orlando<\/span><span style=\"font-weight: 400;\"> (35%), Portland, OR (34%), <\/span><span style=\"font-weight: 400;\">Houston <\/span><span style=\"font-weight: 400;\">(33%),<\/span><span style=\"font-weight: 400;\"> San Antonio <\/span><span style=\"font-weight: 400;\">(33%) and <\/span><span style=\"font-weight: 400;\">Jacksonville, FL <\/span><span style=\"font-weight: 400;\">(33%).<\/span><\/li>\n<li><b>Prices:<\/b><span style=\"font-weight: 400;\"> Median sale p<\/span><span style=\"font-weight: 400;\">rices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota <\/span><span style=\"font-weight: 400;\">(-4.6%), Oklahoma City (-1.5%) and <\/span><span style=\"font-weight: 400;\">San Antonio<\/span><span style=\"font-weight: 400;\"> (-0.3%). Prices climbed least in <\/span><span style=\"font-weight: 400;\">Austin, TX<\/span><span style=\"font-weight: 400;\"> (0%), <\/span><span style=\"font-weight: 400;\">El Paso, TX<\/span><span style=\"font-weight: 400;\"> (0.5%), Memphis, TN (0.7%), <\/span><span style=\"font-weight: 400;\">Tampa<\/span><span style=\"font-weight: 400;\"> (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%).<\/span><\/li>\n<li><b style=\"font-style: inherit;\">Speed of sales:<\/b><span style=\"font-weight: 400;\"> Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral<\/span><span style=\"font-weight: 400;\">, the typical home took 31 more days to sell than a year earlier\u2014the largest jump in the nation. Next came <\/span><span style=\"font-weight: 400;\">North Port-Sarasota <\/span><span style=\"font-weight: 400;\">(20), <\/span><span style=\"font-weight: 400;\">McAllen<\/span><span style=\"font-weight: 400;\"> (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), <\/span><span style=\"font-weight: 400;\">San Antonio <\/span><span style=\"font-weight: 400;\">(10), Greensboro, NC (8), Honolulu (7) and Knoxville (7).<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cOut-of-town homebuyers no longer see Florida as a place to get amazing value. Now they\u2019re moving to North Carolina or Tennessee to get a good deal. Many local blue-collar workers have been priced out of homeownership, too,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/eric-auciello\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Eric Auciello<\/span><\/a><span style=\"font-weight: 400;\">, a local Redfin sales manager. \u201cTwo years ago, the North Port metro was one of the most competitive housing markets in the country because it was affordable for remote workers and there was a shortage of homes for sale, but none of those things are true today. Sarasota, in particular, has been overvalued for decades, and the chickens have finally come to roost. The Tampa metro has been faring a bit better.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Individual home sellers are having a tough time attracting buyers in part because builders are offering concessions that are hard for buyers to refuse. As a result, listings from regular sellers are sitting on the market. But homes are also sitting because many sellers are pricing their properties too high, and then being forced to cut later, Auciello said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe sharp ascent in Florida housing prices in recent years has driven a lot of homeowners to cash in on their equity, but some of them are having a hard time adjusting to the fact that it\u2019s a buyer\u2019s market,\u201d Auciello said. \u201cMy advice to sellers is to price your home fairly; the comps from six months ago don\u2019t exist now. And if you\u2019re a buyer, know that the odds of getting an offer accepted below market value are pretty high.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance crisis<\/span><\/a><span style=\"font-weight: 400;\"> in Florida is also throwing a wrench into home purchases and in some cases delaying deals. <\/span><span style=\"font-weight: 400;\">Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">survey<\/span><\/a><span style=\"font-weight: 400;\"> found.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOne of our agents is representing a buyer who thought he\u2019d be able to get insurance for $2,000 per year\u2014the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We\u2019re seeing sellers offer a lot of concessions to hold deals together,\u201d said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. \u201cWe\u2019re at an inflection point. A hefty insurance bill isn\u2019t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/connie-durnal\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Connie Durnal<\/span><\/a><span style=\"font-weight: 400;\">, a <a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\">Redfin Premier<\/a> real estate agent in Dallas, said her market has also been sluggish.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cLast year was by far the slowest market I\u2019ve seen in my 20 years as a real estate agent,\u201d Durnal said. \u201cMove-up buyers are almost nonexistent. Even though a lot of homeowners have built up a ton of equity, many don\u2019t want to sell because their monthly payment would double or triple due to high mortgage rates.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Nationwide, New Listings Slowed in March and Prices Rose From a Year Earlier<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">New listings dropped 6% month over month in March\u2014the largest decline on a seasonally adjusted basis since January 2022. They rose 6% from a year earlier, but that marks a deceleration from the 14% annual gain in February.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New listings may have slowed because mortgage rates are staying higher longer than expected, which is exacerbating the <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lock-in effect<\/span><\/a><span style=\"font-weight: 400;\">. The average 30-year-fixed mortgage rate in March was <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.82%<\/span><\/a><span style=\"font-weight: 400;\">\u2014the highest since December\u2014and the Federal Reserve has warned that elevated inflation will probably <\/span><a href=\"https:\/\/www.redfin.com\/news\/march-2024-inflation-report\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">delay<\/span><\/a><span style=\"font-weight: 400;\"> the interest-rate cuts they had been planning this year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Active listings, or the total number of homes for sale, rose 1% from February\u2014the smallest seasonally adjusted increase since August\u2014though their 4% increase from a year earlier was the biggest annual gain in 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices continued to rise, in part because there\u2019s still a shortage of homes for sale. The median U.S. home sale price rose 5% year over year in March to $420,357, just 3% below the record high of $432,496 set in May 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home sales were roughly flat compared with a month earlier on a seasonally adjusted basis, and were down 3% from a year earlier.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">March 2024 Highlights: United States<\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>March 2024<\/b><\/th>\n<th><b>Month-Over-Month Change<\/b><\/th>\n<th><b>Year-Over-Year Change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$420,357<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2.1%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">423,273<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.6%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">509,405<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-6.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">6.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>All homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,600,310<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4.3%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.4<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.5<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.3<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">40<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-8<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of for-sale homes with a price drop<\/b><\/th>\n<th><span style=\"font-weight: 400;\">16.3%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2.8 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">30.0%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3.8 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.6 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.5 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.82%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.04 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.28 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: March 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of 85 U.S. metro areas with populations of at least 750,000. Select metros may be excluded from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most from a year earlier in Sacramento, CA (20%), San Jose, CA (18%) and Las Vegas (15%). They fell most in Boston (-18%), Rochester, NY (-16%) and Atlanta (-14%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Closed sales rose most in San Jose (3%), Milwaukee (2%) and Tulsa (2%). They fell most in Tacoma, WA (-24%), West Palm Beach (-24%) and Grand Rapids, MI (-22%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In San Jose, 72% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Rochester (69%) and Oakland, CA (66%). The shares were lowest in North Port (7%) West Palm Beach (8%) and Cape Coral (8%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Off market in two weeks: <\/b><span style=\"font-weight: 400;\">In Rochester, 82% of homes that went under contract did so within two weeks\u2014the highest share among the metros Redfin analyzed. Next came Seattle (77%) and Grand Rapids (75%). The lowest shares were in Honolulu (10%), Tucson, AZ (18%) and McAllen (20%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The number of homes for sale in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March\u2014more than anywhere else in the country. And in McAllen, TX, supply jumped 25%. Housing supply is soaring because both states have been building a lot of homes, which is limiting home price [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[565,630,40,32,623],"coauthors":[125],"class_list":["post-77845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-climate","tag-climate-change","tag-environmental","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Prices Stagnate in Florida and Texas as Supply Soars<\/title>\n<meta name=\"description\" content=\"Housing supply in Cape Coral, FL and North Port, FL surged roughly 50% from a year earlier in March\u2014more than anywhere else in the U.S.\" \/>\n<meta name=\"robots\" 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