6 Cities in Florida Where Home Sales Are Plunging

Housing markets throughout the nation are cooling quick, and maybe nowhere is the deep freeze extra obvious than in Florida.

The Sunshine State was one of many hottest locations for homebuyers through the flurry of actual property exercise that swept the nation because the COVID-19 pandemic raged.

However now, residence gross sales are plunging in Florida, particularly in a handful of locations, in response to a brand new Redfin report.

Following are the cities in Florida the place Redfin information exhibits residence gross sales are tanking essentially the most.

West Palm Seashore

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 43% lower
• New listings as of mid-October: NA

In West Palm Seashore, 272 properties offered in September this yr, down from 446 in the identical interval the yr earlier than. Nonetheless, costs had been up 25.6% yr over yr, to a median of $375,000.

As we reported in August, West Palm Seashore and a number of other different Florida locales are among the many “10 Cities The place Distant Employees Drove up Residence Costs.”

Jacksonville

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 46% lower
• New listings as of mid-October: 33% lower

Residence gross sales in Jacksonville dipped in September yr over yr, to 1,119 properties offered in comparison with 1,713 in the identical interval the yr earlier than. The median worth elevated 10.3% yr over yr to $300,000.

Jacksonville stays one in every of “America’s 15 Most Reasonably priced Cities for Retirees.”

Miami

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 47% lower
• New listings as of mid-October: NA

There have been 898 residence gross sales in Miami throughout September, down sharply from the 1,365 properties offered in September 2021.

Nonetheless, discovering an inexpensive residence here’s a problem. The median residence worth in Miami jumped 24.5% yr over yr in September, as much as $530,000.

North Port

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 51% lower
• New listings as of mid-October: 40% lower

North Port was one of many cities on Florida’s west coast that took a heavy blow from Hurricane Ian. Gross sales in September dropped to 138, down from 247 the prior September.

Nonetheless, costs rose 14.7% yr over yr in September, to a median gross sales worth of $375,000.

Naples

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 52% lower
• New listings as of mid-October: 53% lower

Hurricane Ian additionally broken elements of Naples, and residential gross sales in September dropped to 325, down from 571 the prior September.

Nevertheless, costs right here stay within the stratosphere, up 29.4% yr over yr in September to a median of $614,500.

Cape Coral

This metro space’s year-over-year change in:

• Pending residence gross sales as of mid-October: 58% lower
• New listings as of mid-October: 59% lower

Nowhere in Florida are pending gross sales falling tougher than in Cape Coral. Hurricane Ian pounded the area, and pending residence gross sales cratered 58% yr over yr, practically double the nationwide drop of 32%.

Nonetheless, this market is doing very properly, all issues thought of. The Redfin report famous that in August — previous to Ian’s unwelcome arrival — Cape Coral had the fastest-rising residence costs within the nation.