Housing Supply Surges In Miami And Orlando
The new Redfin analysis of housing supply shows that the average time a home is on the market was 43 days in November. The figure was much higher in Florida cities, including Miami and Orlando. Miami topped the list.
*People Leave Florida
The study’s authors wrote: “In Miami, 63.8% of listings in November were on the market for 60 days or longer without going under contract—the highest share among the top 50 metros. Next came Austin, TX (62.4%), Fort Lauderdale, FL (62.3%), San Antonio (60.3%) and Orlando, FL (59.9%).”
West Palm Beach (59.6%) and Jacksonville (58.5%) were also high on the list. The authors added, “Florida and Texas have been building more homes than anywhere else in the country, which is one reason inventory, and thus, stale listings, are on the rise. Surging HOA fees, high insurance costs and destructive natural disasters are also making many Florida house hunters hesitant to pull the trigger.”
Hurricanes, high home insurance costs, and storm damage have started to catch up to Florida, adding millions of new residents over the last two decades. Most came for lower taxes and warm weather. Low taxes stayed constant. The weather has not.
Insurance Becomes Impossible
The storm situation is bad enough that many homeowners cannot get insurance. This, in turn, creates buyer problems because most mortgages require home insurance.
Florida may soon be an example of reverse migration as people move back north.
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