Home Sales Hit Hard In Miami And Palm Beach
Redfin recently published its home home national home sales data for late March and early April. Among the primary metrics are metros with biggest year-over-year decreases in pending sales. Three of the five with the poorest numbers in the country were Miami, Ft. Lauderdale, and West Palm Beach.
The analysts wrote, “Pending home sales posted their smallest decline since the start of 2025, falling just 1.1% year over year (that’s partly due to a holiday effect, with Easter falling into the comparable period in 2024).”
The Miami drop was 17.4%. In Ft. Lauderdale, it was 16%, and in Palm Beach, it was 8.7%. The real estate market in Florida should be slowing now as people move north for summer and spring.
Insurance Rates Soar
Among the reasons for the drop in pending sales may be insurance price increases due to violent storms, which included hurricanes Helene and Milton last year. According to NPR, rates have risen by 72% in the last five years. About a fifth of residents have no home insurance at all. Banks require insurance to grant mortgages.
Housing affordability is a problem in Florida, perhaps more than in any other state. One or two more violent hurricanes could begin a sharp migration of the state. Home prices will drop, but insurance prices will be higher.
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