Florida is For Sale - Escalates to worrying new high

[Ken M.]

Florida housing crisis escalates to worrying new high as record number of homes for sale

The housing crisis in Florida has reached a dramatic new milestone, with more homes on the market than ever before.

The number of unsold homes in the Sunshine State rose almost 23 percent year-over-year in January, according to new data from Redfin.

There were 172,209 homes for sale in Florida at the end of January, the highest inventory of any month on record.

Active listings are at a record high in eight of Florida's metros, such as Cape Coral, North Port-Sarasota and Deltona-Daytona Beach.

Most of the eight metros are on the coast where there is a high concentration of condos.

Florida is battling a housing crisis brought on by surging insurance costs and HOA fees following a rise in natural disasters and the Surfside building collapse in 2021.

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Maybe some of those laid off government employees in D.C. can find cheap housing.

[Nathan Gesner]

I believe there are a lot of markets that will see a "balancing" over the next couple of years. People moved out of impulse and overpaid. Natural disasters, economic changes, and other realities will eventually change the landscape. Some will win, some will lose.

Florida made sense in 2018 when you could buy a nice house for $350,000. Paying $1.2 million for the same house five years later is crazy.