{"id":78485,"date":"2024-09-04T05:30:00","date_gmt":"2024-09-04T12:30:00","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78485"},"modified":"2024-08-30T15:11:24","modified_gmt":"2024-08-30T22:11:24","slug":"condo-supply-rises-florida-texas-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/condo-supply-rises-florida-texas-2024\/","title":{"rendered":"Florida and Texas Condo Supply is Piling Up As Sales Slow Amid High HOA, Insurance Costs"},"content":{"rendered":"

Condo inventory is soaring and pending sales are dropping in major Florida and Texas metros like Miami, Jacksonville, Austin and San Antonio, causing prices to decline. Surging HOA fees, high insurance costs and destructive natural disasters are making buyers question the feasibility of owning a condo.\u00a0<\/span><\/i><\/p>\n

Condo prices are falling in major Florida and Texas metros as inventory piles up and buyers back off, as high HOA fees and insurance costs make condos a tough sell.\u00a0<\/span><\/p>\n

In Tampa<\/a>, for instance, the\u00a0 number of condos for sale soared 57.2% from a year earlier in July, pending sales dropped 18.9% and the median sale price fell 4.9%. In Houston<\/a>, condo inventory is up 35.9%, pending sales are down 35.3% and prices are down 6.5%. There\u2019s also more supply than demand for single-family homes in Florida and Texas, but the market for them is faring a bit better and prices are generally increasing.\u00a0<\/span><\/p>\n

Nationwide, condo inventory is increasing and pending sales are falling\u2013though not as much as in Florida and Texas\u2013and prices are still rising.\u00a0<\/span><\/p>\n

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Condo market summary: Texas and Florida, July 2024<\/b><\/p>\n

Texas and Florida metros that are among the 50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nMedian sale price<\/b><\/td>\nMedian sale price, YoY<\/b><\/td>\nPending sales, YoY change<\/b><\/td>\nSales, YoY change<\/b><\/td>\nNew listings, YoY change<\/b><\/td>\nActive listings, YoY change<\/b><\/td>\n<\/tr>\n
Austin, TX\u00a0<\/b><\/td>\n$380,000<\/span><\/td>\n-1.9%<\/span><\/td>\n-12.9%<\/span><\/td>\n-11.1%<\/span><\/td>\n4.2%<\/span><\/td>\n28.6%<\/span><\/td>\n<\/tr>\n
Dallas, TX\u00a0<\/b><\/td>\n$270,000<\/span><\/td>\n-0.8%<\/span><\/td>\n5.7%<\/span><\/td>\n-0.9%<\/span><\/td>\n7.9%<\/span><\/td>\n61.7%<\/span><\/td>\n<\/tr>\n
Fort Worth, TX\u00a0<\/b><\/td>\n$217,000<\/span><\/td>\n8.0%<\/span><\/td>\n-3.9%<\/span><\/td>\n-33.3%<\/span><\/td>\n-1.7%<\/span><\/td>\n65.4%<\/span><\/td>\n<\/tr>\n
Houston, TX\u00a0<\/b><\/td>\n$159,000<\/span><\/td>\n-6.5%<\/span><\/td>\n-35.3%<\/span><\/td>\n-26.3%<\/span><\/td>\n-8.0%<\/span><\/td>\n35.9%<\/span><\/td>\n<\/tr>\n
San Antonio, TX\u00a0<\/b><\/td>\n$199,000<\/span><\/td>\n-2.2%<\/span><\/td>\n-15.4%<\/span><\/td>\n-48.5%<\/span><\/td>\n1.2%<\/span><\/td>\n58.3%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL\u00a0<\/b><\/td>\n$230,000<\/span><\/td>\n-4.2%<\/span><\/td>\n-18.0%<\/span><\/td>\n-13.9%<\/span><\/td>\n14.7%<\/span><\/td>\n63.4%<\/span><\/td>\n<\/tr>\n
Jacksonville, FL\u00a0<\/b><\/td>\n$270,000<\/span><\/td>\n-6.6%<\/span><\/td>\n-15.9%<\/span><\/td>\n-14.3%<\/span><\/td>\n27.6%<\/span><\/td>\n80.7%<\/span><\/td>\n<\/tr>\n
Miami, FL\u00a0<\/b><\/td>\n$403,000<\/span><\/td>\n-2.9%<\/span><\/td>\n-12.9%<\/span><\/td>\n-7.9%<\/span><\/td>\n13.0%<\/span><\/td>\n39.9%<\/span><\/td>\n<\/tr>\n
Orlando, FL\u00a0<\/b><\/td>\n$218,500<\/span><\/td>\n-0.7%<\/span><\/td>\n-22.6%<\/span><\/td>\n-17.3%<\/span><\/td>\n-6.6%<\/span><\/td>\n67.5%<\/span><\/td>\n<\/tr>\n
Tampa, FL\u00a0<\/b><\/td>\n$237,750<\/span><\/td>\n-4.9%<\/span><\/td>\n-18.9%<\/span><\/td>\n-8.1%<\/span><\/td>\n0.1%<\/span><\/td>\n57.2%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL\u00a0<\/b><\/td>\n$265,000<\/span><\/td>\n1.9%<\/span><\/td>\n-11.2%<\/span><\/td>\n-8.6%<\/span><\/td>\n4.0%<\/span><\/td>\n42.0%<\/span><\/td>\n<\/tr>\n
U.S.\u00a0<\/b><\/td>\n$355,073<\/b><\/td>\n3.9%<\/b><\/td>\n-5.5%<\/b><\/td>\n1.1%<\/b><\/td>\n2.8%<\/b><\/td>\n27.1%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

There are several reasons why demand for condos is falling and inventory is piling up in Florida and and Texas:<\/b><\/p>\n