Wednesday, January 01, 2025

Florida Faces Pileup of Unsold Homes

Florida has seen the biggest year-over-year surge in stale inventory in the entire nation in November, according to a new report by real estate brokerage Redfin, as new properties flooded the market at a time when few seemed to be interested in buying them.

Posted by lamplighter at 07:30 PM | 24 COMMENTS | permalink

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#DESASTER: Florida faces pileup of unsold homes www.newsweek.com/florida-face ...

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-- Lesley Abravanel🥂🪩 (@lesleyabravanel.bsky.social) December 31, 2024 at 10:12 AM

Comments

More from the article...

... Newsweek contacted Redfin and Florida Realtors for comment by email on Monday morning.

Why It Matters

The recent rise in stale listings is yet another sign that the once-booming Florida housing market is now facing a likely downturn as inventory piles up at a time when demand is dwindling.

What To Know

Among the top 50 metropolitan areas in the country with the highest shares of homes sitting idle on the market waiting for a buyer, six were in Florida. Miami, the city with the highest share of stale listings in the country, counted a total of 63.8 percent of homes that had stayed on the market without going under contract. ...


#1 | Posted by LampLighter at 2024-12-31 07:46 PM

More from the article...

... What People Are Saying

Commenting on the latest data on stale inventory, Redfin experts said: "Florida and Texas have been building more homes than anywhere else in the country, which is one reason inventory, and thus, stale listings, are on the rise.

"Surging HOA [homeowners association] fees, high insurance costs and destructive natural disasters are also making many Florida house hunters hesitant to pull the trigger." ...


#2 | Posted by LampLighter at 2024-12-31 08:14 PM

@#2 ... "Florida and Texas have been building more homes than anywhere else in the country ...

My guess might be that ... with Pres-elect Trump's immigration policies, the home builders may find it difficult to find the workers they need to build homes, i.e., fewer homes.

So, a win there?

#3 | Posted by LampLighter at 2025-01-01 12:09 AM

The FL market seems to have peaked during the initial COVID epidemic and now cooled, and still plenty of building going on in south Miami-Dade. Prices seem to have steadied a bit.

#4 | Posted by Doc_Sarvis at 2025-01-01 06:37 AM

Damn immigrants.

#5 | Posted by Zed at 2025-01-01 08:26 AM

Only an idiot would move into a house with a HOA. That's just asking for future nightmares.

#6 | Posted by DarkVader at 2025-01-02 01:12 AM

Only an idiot would move into a house with a HOA. That's just asking for future nightmares.

#6 | Posted by DarkVader at 2025-01-02 01:12 AM | Flag MEH

It depends on what's there. People often want the pool, hot tub, weight room, and clubhouse... let's not forget location... location... location. There is a premium on those things. I live in a nice complex that offers nothing but maintenance, landscaping, public wifi, trash pick-up, and security cameras. My HOA is low and fair for those things. One could afford a mortgage on top of it.

Out of my pocket, I pay for my preferred internet, water, electricity, property taxes, and insurance. It seems the further away from utilities and liabilities you can keep them the more stable the fees.

People get all googlie-eyed by costly geegaws they agree to pay for in perpetuity.

as far as Florida... It has an allure like sunbelt states do... great place to brush up on your Espanol... a quality they all seem to have...
Too many sovereign citizens... for my tastes... well that and the overall flatness... it's like Kansas...or Nebraska with a beach... flat horizons... does something to their minds being overwhelmed by that much sky and endless horizons... they never experience the character building walking uphill gives a person... as if things couldn't get any lower...sink holes..

#7 | Posted by RightisTrite at 2025-01-02 06:49 AM

The primary issue facing Florida home sellers and buyers is the lack of property insurance. Most buyers are not rich enough to 'go naked' on coverage and mortgage lenders require windstorm coverage in much of inhabited Florida (i.e., within 25-30 miles of the coastline). The additional cost will eventually be reflected in lower prices--that's called economics.

As for Texas, the two mega-cities of Dallas-Fort Worth and Houston are no longer appealing to buyers of starter homes, who have to buy in Denton or Conroe. Those people don't live in a house, they live in a car, going everywhere except to the bathroom. While the roads are great in Texas, the utility infrastructure is not, and the weather is getting hotter. Further, the prospect of losing a million or so members of the labor force will mean a significant change in lifestyle for the white residents...

#8 | Posted by catdog at 2025-01-02 09:45 AM

Beyond the attack on Florida it takes a second to get this point of the article.

"The entire country is facing a surge in stale inventory. Over half (54.5 percent) of home listings last month stayed on the market for 60 days or longer without going under the contract"the highest share for any November since 2019"

So this is another Bidenomics issue plaguing the entire country. Florida has built many more homes so more are available now than a few years ago. When sales pick up again Florida will once again be a primary destination for people looking to relocate.

#9 | Posted by THEBULL at 2025-01-02 09:57 AM

They can't tear down the swamps and build them fast enough where I live. They totally bulldozed a natural reserve near me to build a luxury apartment complex called...that's right...The Preserve at Flagler Beach.

#10 | Posted by TFDNihilist at 2025-01-02 11:03 AM

So this is another Bidenomics issue plaguing the entire country. Florida has built many more homes so more are available now than a few years ago. When sales pick up again Florida will once again be a primary destination for people looking to relocate.

#9 | Posted by THEBULL

Situation: "We don't have enough homes for sale."
Idiots: "Biden's Fault!"

Situation: "We have too many homes for sale."
Idiots: "Biden's Fault!"

Bad news buddy: Florida set a new state record for people moving out of the state in 2023. Average age was 32. They were second nationally behind California despite the relative size difference.

But you keep dreaming that everyone is going to buy up those homes with the inflated prices and insane insurance costs.

#11 | Posted by Sycophant at 2025-01-02 01:11 PM

@#11 ... Florida set a new state record for people moving out of the state in 2023. ...

Why are people flocking from Florida in record numbers? (December 19, 2024)www.fox13news.com

... Florida has been one of the fastest-growing states. More than 22 million people live here, but a record number of people left the state in 2023.

According to the Florida Chamber of Commerce's latest migration report, more than half a million people left the state last year, the most Florida has ever seen. It was the second-most in the country in 2023, behind California. The average age of people leaving Florida is 32.

The report says the "perception of limited career opportunities for younger, early-career workers" and rising housing costs are the two key factors leading to younger people leaving the state. ...


#12 | Posted by LampLighter at 2025-01-02 01:45 PM

The spiked interest rate will do it every time.

#13 | Posted by lfthndthrds at 2025-01-02 02:25 PM

The spiked interest rate will do it every time.

#13 | Posted by lfthndthrds

But ONLY in Florida...somehow...

#14 | Posted by Sycophant at 2025-01-02 02:47 PM

"The spiked interest rate will do it every time."

The spiked rate should affect sales everywhere.

Does Florida have its own interest rate?

#15 | Posted by Danforth at 2025-01-02 02:48 PM

Corporate was buying and building homes like crazy so they could scalp renters for 3k/month. Rent is coming down, so it doesn't make sense for corporate anymore. They've been quietly unloading houses since 2023, hoping to get out before prices collapse.

Throw in the property insurance disaster, the building collapse disaster, and all of the natural disasters affecting home 100s of miles inland from the coast, and it makes for a proper housing collapse.

The spiked rate should affect sales everywhere.

Give it time. These things have a tendency of spreading once they get going.

#16 | Posted by horstngraben at 2025-01-02 05:04 PM

The spiked rate should affect sales everywhere.
Does Florida have its own interest rate?
#15 | Posted by Danforth

Second homes.

Florida has a large percentage of second homes in the United States, with 15.3% of all second homes in the country as of 2022. Florida also has the largest number of second homes in the country, with 1 million second homes

How do Americans not understand their own country, or even elementary statistics?

#17 | Posted by oneironaut at 2025-01-02 05:49 PM

@#16 ... Corporate was buying and building homes like crazy so they could scalp renters for 3k/month. Rent is coming down, so it doesn't make sense for corporate anymore. They've been quietly unloading houses since 2023, hoping to get out before prices collapse. ...

From the article in #12...

... The average age of people leaving Florida is 32. The report says the "perception of limited career opportunities for younger, early-career workers" and rising housing costs are the two key factors leading to younger people leaving the state. ...

That exodus seems to be of people who seem to be of the first-time home-buying age, leading to the pileup of unsold homes?

Instead of buying up the unsold homes, they are leaving leaving Florida.



#18 | Posted by LampLighter at 2025-01-02 06:00 PM

Ummm Hurricanes, No home insurance and Florida Man / Red Necks...

#19 | Posted by GalaxiePete at 2025-01-02 06:10 PM

"Second homes."

So, spikes in interest rates don't affect first homes?

#20 | Posted by Danforth at 2025-01-02 06:27 PM

Florida has a large percentage of second homes in the United States, with 15.3% of all second homes in the country as of 2022.

AirBnB properties are lucrative.

#21 | Posted by ClownShack at 2025-01-02 07:17 PM

@#21 ... AirBnB properties are lucrative. ...

As, apparently Turo cars.

At least for now.

#22 | Posted by LampLighter at 2025-01-02 07:54 PM

The spiked interest rate will do it every time.

#13 | Posted by lfthndthrds

But ONLY in Florida...somehow...

#14 | Posted by Sycophant at 2025-01-02 02:47 PM | Reply | Flag

I guess you missed this part.

"The entire country is facing a surge in stale inventory. Over half (54.5 percent) of home listings last month stayed on the market for 60 days or longer without going under the contract"the highest share for any November since 2019"

#23 | Posted by lfthndthrds at 2025-01-03 10:10 AM

"The entire country is facing a surge in stale inventory. Over half (54.5 percent) of home listings last month stayed on the market for 60 days or longer without going under the contract"the highest share for any November since 2019"

#23 | Posted by lfthndthrds

Wow!

So this is the fault of mortgage rates like you claim?

And it hasn't happened since November 2019 when mortgage rates were ... 3.7%.

And mortgage rates have been going down for the last 2 years...

Your math isn't adding up.

Fact Check: Current inventory nationwide is STILL lower than normal pre-pandemic levels.

Except Florida is really struggling right now. Florida home prices are up 1%, sales are down 8%, and inventory is up 22% compared to last year.

#24 | Posted by Sycophant at 2025-01-03 11:17 AM

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