The Punta Gorda area witnessed a 6.5% price drop this past quarter, pulling the median down to $350,000. North Port-Sarasota-Bradenton wasn't far behind with a 5.8% fall, pushing median prices to $485,000.
Economist Lawrence Yun from NAR highlighted a cocktail of challenges pressuring the market, including increased housing supply, skyrocketing insurance premiums and accelerated construction in recent years.
Tony Barrett, president of the Realtor Association of Sarasota and Manatee, noted in the September market report that hurricanes have compounded these woes. Recent storms not only left behind devastation but also spooked potential buyers, delaying transactions and driving down confidence.
As insurance prices soar and investors pull back, the once-frenzied market is slowing down. Florida isn't alone in this reversal. San Antonio, Texas, and Durham, North Carolina - cities that saw their real estate boom with over 20% gains two years ago - are now facing price corrections.
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