Home sales

6 Florida Cities Where Home Sales Are Plummeting

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Housing markets across the country are cooling rapidly, and perhaps nowhere is the freeze more apparent than in Florida.

The Sunshine State was one of the hottest destinations for homebuyers during the flurry of real estate activity that swept the country as the COVID-19 pandemic raged.

But now home sales are plummeting in Florida, especially in a handful of places, according to a new Redfin Report.

Here are the cities in Florida where Redfin data shows home sales are falling the most.

West palm beach

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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 43%
  • New registrations from mid-October: N / A

In West palm beach, 272 homes sold in September this year, compared to 446 in the same period the previous year. Still, prices rose 25.6% year over year, to a median of $375,000.

As we reported in August, West Palm Beach and several other Florida locations are among the “10 cities where remote workers have driven up home prices.”

Jacksonville

Duval County Courthouse
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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 46%
  • New registrations from mid-October: decrease of 33%

Sales of houses in Jacksonville fell in September year-over-year to 1,119 homes sold from 1,713 in the same period a year earlier. The median price rose 10.3% year-over-year to $300,000.

Jacksonville remains one of the “The 15 Most Affordable American Cities for Retirees.”

Miami

miami beach
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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 47%
  • New registrations from mid-October: N / A

There were 898 home sales in Miami in September, down sharply from the 1,365 homes sold in September 2021.

Still, finding an affordable home here is a challenge. Miami’s median home price jumped 24.5% year-over-year in September to $530,000.

North Harbor

North Port, Florida
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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 51%
  • New registrations from mid-October: 40% reduction

North Harbor was one of the towns on the West Coast of Florida that was hit hard by Hurricane Ian. Sales in September fell to 138 from 247 the previous September.

Still, prices rose 14.7% year-over-year in September, to a median sale price of $375,000.

Naples

A fishing pier in Naples, Florida
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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 52%
  • New registrations from mid-October: decrease of 53%

Hurricane Ian also damaged parts of Naplesand September home sales fell to 325 from 571 the previous September.

However, prices here remain in the stratosphere, up 29.4% year-over-year in September to a median of $614,500.

Cape Coral

Cape Coral, Florida
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Year-over-year change for this metropolitan area:

  • Mid-October home sales pending: decrease of 58%
  • New registrations from mid-October: decrease of 59%

Nowhere in Florida are pending sales falling more sharply than in Cape Coral. Hurricane Ian hit the area and pending home sales fell 58% year over year, nearly double the national decline of 32%.

Yet this market is doing very well, all things considered. The Redfin report noted that in August – before Ian’s unwanted arrival – Cape Coral had the fastest rising house prices in the country.