1039 ET - Florida's housing market hit a record high in January, with 172,200 homes for sale, up 22.7% from last year, according to Redfin. The surge stems from increased homebuilding and rising natural disaster risks, driving up insurance costs and pushing some homeowners to leave. With buyer demand cooling--pending sales dropped 9.3% year over year--homes are lingering on the market, especially condos, where inventory reached an all-time high due to soaring HOA fees from new structural regulations. Single-family home inventory is also near its peak. Active listings rose 19.4% to 212,437, with eight metro areas hitting records, five of which are on the coast. Redfin agents are calling it a buyer's market, urging sellers to offer concessions and maintain pristine properties as prices dip in some areas. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 10:39 ET (15:39 GMT)
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