The five U.S. metropolitan areas with the biggest drop in home sales are all in Florida, the result of a perfect storm of rising insurance costs, homeowner association fees and repeat storms, a home sales tracking service reported Wednesday.
Redfin, which analyzes housing data nationwide, said that some of Florida’s largest metro areas all saw pending home sales decline significantly in October and early November, compared to the same period last year. Fort Lauderdale led the pack with a 15% drop, followed by Miami and West Palm Beach, which saw 14% declines in pending sales.
Jacksonville’s pending sales dropped by 9.5% and Tampa’s dropped by about 7%, Redfin noted.
This came while home sales nationwide rose about 4.7%, on average. The decline also came as home prices in some parts of Florida dropped. Bloomberg new service reported earlier this month that home prices in southwest Florida, in particular, had fallen sharply in the last year.
Topics Florida
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