September 21, 2023
Fewer homes sold last month across Florida than in 2022

Florida Trend Real Estate

Fewer homes sold last month across Florida than in 2022

| 8/28/2023

Fewer homes sold last month across Florida than in 2022

As mortgage rates rise and demand persists in Florida, house sales across the state were down 6.4% in July compared to the year prior. “It’s not really surprising given the current state of mortgage rates," Dr. Ken Johnson, an economist at Florida Atlantic University, said. According to the July report from Florida Realtors, the median home cost statewide was $415,000 in July, up slightly from $412,000 in July 2022. [Source: WPBF]

Everglades restoration efforts could mean millions for South Florida property values

Millions of dollars in South Florida property values hang in the balance as the state debates how to restore and protect the Everglades. The connection between the state’s water quality and its real estate has been made clear in the last decade, during which time algae blooms and rising temperatures have threatened the waters in the Everglades and on the Gulf and Atlantic coasts. [Source: South Florida Agent Magazine]

Building to beat Florida’s heat: Going back to the past for cooler home designs

As climate change drives temperatures and cooling costs higher, some architects and homebuyers are beginning to employ designs developed long before air conditioning — all the way back to the deep porches of cracker cottages and the elevated chickee huts of South Florida’s first inhabitants. Cool building designs can keep people more comfortable during record-breaking summer heatwaves. But they also promise to reduce the amount of electricity homes use for air conditioning while also reducing the carbon emissions that are raising global temperatures. [Source: Miami Herald]

Could Florida's real estate market be hurt by the ‘office apocalypse?’

The explosion of remote work since the COVID-19 pandemic has stoked fears of a potential “office apocalypse,” with companies canceling leases, landlords defaulting on loans and downtowns becoming ghost towns. As cities across the country struggle to find a path forward, Tampa’s office market may provide a glimmer of hope. [Source: Tampa Bay Times]

Four new home insurance companies approved to operate in stressed Florida market

Property owners in Florida will now have a choice of four new insurers this year after the Orion180 Select Insurance Company and Orion180 Insurance Company were approved Tuesday by the Florida Office of Insurance Regulation (OIR). They will join Mainsail Insurance Company, which was approved in August, and Tailrow Insurance Company, approved in April. [Source: Islander News]

The number of listings coming onto the Tampa metro market is down nearly 29% compared to June 2022. [Source: Axios]


› Ocala ranked #1 city in Florida to have a housing crisis, real estate experts react
A North Central Florida real estate expert is contradicting rumors about a possible housing crisis in Marion County. According to Florida Realtors’ July home sales report, $285,000 is the average cost to purchase a home in Marion County. But with the rising costs of mortgage and interest rates, real estate experts are predicting fewer people will be able to afford any home. “There’s such a need for housing and there’s just not enough affordable housing, especially for first-time buyers, lower-income families,” said the owner of Ocala Realty World, Elisha Lopez.

› Naples startup helps homebuyers avoid real estate commissions
As technology continues to play an ever-bigger part of the real estate industry, a Naples startup looks to revolutionize how people sell their homes. It’s biggest selling point: eliminating the commissions of real estate agents and making it so you can just hit a button to buy a home. The tech company is called Listella and it was founded by 26-year-old real estate agent and entrepreneur Jakub Adamowicz.

› Miami-Dade home prices again hit new high, despite sales plunge, lofty interest rates
Despite another month of double-digit sales declines, home prices in Miami-Dade County reached a new high mark for the fourth consecutive month in July. Miami-Dade hit a median sales price of $631,670 for single-family homes, a bump from the June peak of $622,500 and sharply higher than $570,000 a year ago, according to the Miami Association of Realtors monthly home sales report.

› Brevard's July median home prices show heat, not cool down
There is no crystal ball. That's typically the kind of answer given when real estate professionals are asked where they see the market headed. And if anyone thought we were in a cool-down period going into July, well, they were wrong.

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