Miami And Florida Home Markets Collapse

There has been concern that the Florida real estate market would come apart. The primary reasons are the hurricanes and the destruction and high insurance rates that come with them. It has started. Pending sales and new listings have fallen. There are no buyers.

According to the new Redfin, “High Housing Costs Are Keeping Homebuyers at Bay–But Price Relief Is in Sight,” new listings nationwide rose 3.9% in the first four weeks of May to 103,998. Pending sales slipped 1.7% to 88,914.

In Miami, over the same period, pending sales fell 21.5%. They dropped 16.5% in neighboring Fort Lauderdale. New listings dropped 12.8% in Orlando and 10% in Tampa. Both coasts of Florida have related problems. 

Worst Hurricanes

Both Accuweather and NOAA have forecast the new Atlantic hurricane season will be among the most active and destructive in history. It would be hard to top last year when Hurricanes Helene and Milton killed several people and did billions of dollars in damage from Key West to western North Carolina. 

The triggers for violent and rapidly rising hurricanes have worsened and are expected to continue doing so each year. The South Atlantic is warm. The Gulf is warmer. Parts of the Gulf had surface temperatures near 90 degrees F.

Other than tax advantages, the reasons to live in Florida have dwindled.

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