Florida Condo Sales Plummet as Affordability Worries Mount
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Sales of condos in Florida have fallen dramatically in recent weeks, with prices dropping in major metros like Miami and Jacksonville.
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While home prices are still rising statewide, Florida is underperforming compared to the national housing market.
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Factors like rising insurance costs and higher condo fees are deterring buyers and contributing to the condo sales slump.
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Lean supply is keeping a floor under home prices, though affordability issues have reduced demand.
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Some experts predict Florida home prices will move sideways in coming years before affordability is restored, unless a recession hits.