Redfin Reports Home Sales Sink Across Florida Amid Hurricane Recovery, Surging HOA and Insurance Costs

Business Wire11-19

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 SEATTLE, November 19, 2024--(...

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SEATTLE, November 19, 2024---- — Florida is home to the five U.S. metropolitan areas where pending home sales are falling fastest, according to a new report from Redfin , the technology-powered real estate brokerage.Florida’s housing market has been slowing for months as residents grapple with frequent natural disasters, along with a surge in home insurance costs and HOA fees fueled by intensifying climate risk. The latest shoe to drop was an especially devastating hurricane season. Hurricane Helene hit northwestern Florida on Sept. 26 and became the deadliest storm to hit mainland America in almost two decades. Then, roughly two weeks later, Hurricane Milton swept across central Florida.Some Florida Metros Have Seen Sales Start to Recover After the Hurricanes. Redfin  is a technology-powered real estate company. We h","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"HBCP":"Home合众银行","RDFN":"Redfin Corp"},"translate_title":"Redfin报告称，由于飓风恢复、HOA和保险费用飙升，佛罗里达州房屋销售下降","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HBCP":1,"RDFN":0.9},"content_text":"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\nSEATTLE, November 19, 2024--(BUSINESS WIRE)--(NASDAQ: RDFN) — Florida is home to the five U.S. metropolitan areas where pending home sales are falling fastest, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.\nIn Fort Lauderdale, pending sales dropped 15.2% year over year during the four weeks ending November 10—the biggest decline among the U.S. metropolitan areas Redfin analyzed. Next came Miami (-14%), West Palm Beach (-13.8%), Jacksonville (-9.5%) and Tampa (-7.2%). Nationwide, pending sales rose 4.7% over the same period.\nFlorida’s housing market has been slowing for months as residents grapple with frequent natural disasters, along with a surge in home insurance costs and HOA fees fueled by intensifying climate risk. The latest shoe to drop was an especially devastating hurricane season. Hurricane Helene hit northwestern Florida on Sept. 26 and became the deadliest storm to hit mainland America in almost two decades. Then, roughly two weeks later, Hurricane Milton swept across central Florida.\nThe state also has a housing affordability crisis. While it has been building a lot of homes—something that tends to curb home price growth—prices and property taxes remain significantly higher than they were before the pandemic homebuying frenzy drove up housing costs. That has cooled homebuying demand.\n\"There’s 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 election. First-time buyers are especially skittish,\" said Lindsay Garcia, a Redfin Premier real estate agent in Fort Lauderdale. \"The condo market is really struggling because of high HOA fees and homeowner’s insurance costs, and on top of that, many condo owners are seeing special assessments due to new rules implemented after the Surfside condo collapse. Some condos are sitting on the market for over a year.\"\nSome Florida Metros Have Seen Sales Start to Recover After the Hurricanes\nIn 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’re only down 7.2% year over year, indicating that the worst of the decline is over.\nThe 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%.\nTo view the full report, including a chart, please visit: https://www.redfin.com/news/florida-home-sales-fall-2024\nAbout Redfin\nRedfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\nRedfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241119740178/en/\nContacts\nContact RedfinRedfin Journalist Services:Kenneth Applewhaitepress@redfin.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"Economic Data","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484408944"}