{"id":78860,"date":"2024-11-19T05:30:35","date_gmt":"2024-11-19T13:30:35","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78860"},"modified":"2024-11-18T16:11:06","modified_gmt":"2024-11-19T00:11:06","slug":"florida-home-sales-fall-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/florida-home-sales-fall-2024\/","title":{"rendered":"Home Sales Sink Across Florida Amid Hurricane Recovery, Surging HOA and Insurance Costs"},"content":{"rendered":"

The five U.S. metro areas where pending sales are falling most are all in Florida, though the declines are easing in some metros following a destructive hurricane season.<\/i><\/strong><\/p>\n

Florida is home to the five U.S. metropolitan areas where pending home sales are falling fastest.\u00a0<\/span><\/p>\n

In <\/span>Fort Lauderdale<\/span><\/a>, pending sales dropped 15.2% year over year during the four weeks ending November 10\u2014the biggest decline among the U.S. metropolitan areas Redfin analyzed. Next came <\/span>Miami<\/span><\/a> (-14%), <\/span>West Palm Beach<\/span><\/a> (-13.8%), <\/span>Jacksonville<\/span><\/a> (-9.5%) and <\/span>Tampa<\/span><\/a> (-7.2%). Nationwide, pending sales <\/span>rose <\/span><\/i>4.7% over the same period.<\/span><\/p>\n

\"\"<\/p>\n

The metro-level ranking in this report came from a list of the 50 most populous metros; Redfin included the 47 that had sufficient data.<\/span><\/p>\n

Florida\u2019s housing market has been slowing for months as residents grapple with frequent natural disasters, along with a surge in home <\/span>insurance<\/span><\/a> costs and <\/span>HOA fees<\/span><\/a> fueled by intensifying climate risk. The latest shoe to drop was an especially devastating hurricane season. Hurricane Helene <\/span>hit northwestern Florida on Sept. 26 and became the<\/span> deadliest<\/span><\/a> storm to hit mainland America in almost two decades. Then, roughly two weeks later, Hurricane Milton swept across central Florida.\u00a0<\/span><\/p>\n

The state also has a housing affordability crisis. While it has been <\/span>building<\/span><\/a> a lot of homes\u2014something that tends to curb home price growth\u2014prices and <\/span>property taxes<\/span><\/a> remain significantly higher than they were before the pandemic homebuying frenzy drove up housing costs. That has cooled homebuying demand.<\/span><\/p>\n

\u201c<\/span>There\u2019s still some demand for vacation homes, but in general, the market is very slow. Buyers have been grappling with persistently high housing costs and uncertainty around the <\/span>election<\/span><\/a>. First-time buyers are especially skittish,\u201d said <\/span>Lindsay Garcia<\/span><\/a>, a <\/span>Redfin Premier<\/span><\/a> real estate agent in Fort Lauderdale. \u201cThe condo market is really <\/span>struggling<\/span><\/a> because of high HOA fees and homeowner\u2019s insurance costs, and on top of that, many condo owners are seeing special assessments due to new rules implemented after the <\/span>Surfside<\/span><\/a> condo collapse. Some condos are sitting on the market for over a year.\u201d<\/span><\/p>\n

Some Florida Metros Have Seen Sales Start to Recover After the Hurricanes<\/b><\/p>\n

In Tampa, pending home sales fell as much as 32.2% during the four weeks ending October 20, a time period that encompasses the impact of both hurricanes. Now they\u2019re only down 7.2% year over year, indicating that the worst of the decline is over.\u00a0<\/span><\/p>\n

The drop in pending sales has also eased in other Florida metros. In Orlando, for example, pending sales fell as much as 14.1% during the four weeks ending November 3, and are now down just 5.1%.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The five U.S. metro areas where pending sales are falling most are all in Florida, though the declines are easing in some metros following a destructive hurricane season. Florida is home to the five U.S. metropolitan areas where pending home sales are falling fastest.\u00a0 In Fort Lauderdale, pending sales dropped 15.2% year over year during […]<\/p>\n","protected":false},"author":13346,"featured_media":78862,"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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