In March, home prices in Florida experienced their largest decline in over ten years, with a 1.7% drop in median prices compared to last year. This decrease reflects a cooling trend following a pandemic-era buying frenzy, exacerbated by high mortgage rates that deter potential buyers. Redfin's data shows a particularly steep decline in Jacksonville, with a 3.8% decrease. The market faces significant challenges with rising inventory and an ongoing decline in in-migration, leading to fewer buyers. Additionally, new requirements for condos after the Surfside collapse impacted sales, contributing to the overall downturn.
The pandemic rush to Florida is dying down, and with mortgage rates being so high and staying high, it makes it really unaffordable for people paying for those high prices.
Median prices for condos and co-ops fell about 7% in March, calling attention to the market's current distress driven by lackluster condo sales.
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