South Florida's housing market is facing a notable slowdown, marked by double-digit sales declines and rising inventory, especially in Miami Beach. A recent report indicates condo sales are falling, and homebuilder KB Home plans to reduce prices to adapt to the market's challenges. Despite this downturn, Palm Beach is seeing an increase in single-family home contracts year-over-year, although sellers need to adjust their expectations due to increased competition. Overall, buyers in South Florida now have more options, influencing market dynamics significantly.
"A number of the houses that are under contract in Palm Beach are under contract at prices a lot lower than they were, because people had unrealistic expectations."
"The new report... aligns with a growing picture of South Florida as a housing market catching its breath, as insurance rates and property taxes strain owners and scare away buyers."
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