Home Prices Fall In Hurricane Threatened Cities
There is much evidence that hurricanes have increased home insurance in places such as Florida along its Gulf Coast and the Atlantic. In some areas, insurance is not offered at all. These extra costs have tended to push home prices down after years of increases.
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New information from Redfin shows that prices in some of these areas dropped in May. Among all cities measured, home prices fell the most for the month, down 2.1% from the same month a year ago. Hurricane Ida seriously damaged the city less than a year ago.
Florida Prices Drops
Many Florida cities also posted price drops from their initial listing prices. Redfin analysts pointed out: “Three of the 10 metros with the highest shares of price drops are in Florida, and three are in Texas.” These included Tampa, where price drops were 45.2%. It was also affected by Hurricane Ida.
It appears that violent storms are affecting several Florida cities, and hurricane season has not begun.
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