Florida's housing market has a perception problem. Here's the facts.
Some national reports depict Florida as a housing market in deep trouble with dire headlines declaring "Foreclosure filings jump," "Prices 'dropping hard,'" and "Florida (among) the biggest losers." But the latest statewide home sales numbers released by the Florida Realtors association paint a much different picture: a housing market that saw sales of single-family homes rise 5.9% year-over-year in March with the fourth-highest ever median sale price of $420,000. More from the Gainesville Sun and Florida Today.
Home insurance rates in Florida are falling, but premiums keep rising
Florida homeowners pay some of the highest premiums in the country to insure their homes and recent national reports rank the state at No. 1 with the annual average anywhere from $5,838 to $9,449. But officials with the Florida Office of Insurance Regulation and the national Insurance Information Institute question the accuracy of those reports. Both told USA TODAY NETWORK-FLORIDA the state's actual annual average premium is currently much lower at just $3,815. More from the Sarasota Herald-Tribune and the Tallahassee Democrat.
Opinion: Florida's housing is being regulated out of reach
Florida’s growth story is starting to show cracks. For years, the state benefited from a simple equation: People and businesses moved in because the total cost of living, especially housing, was competitive. That equation is now breaking down. When costs outrun wages, the middle class leaves. Net migration slows. Growth becomes increasingly dependent on higher-income households. [Source: Business Observer]
Cities with the fastest-growing home prices in Florida
The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace. Buyers are still competing for a limited supply of housing, driving up prices for affordable properties. The typical home value in the United States was $365,545 in March, 0.8% higher than the year before. Increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before. [Source: Stacker]
DeSantis says property tax repeal Special Session will wait until at least June, with ‘phased’ approach planned
Lawmakers can plan on returning to Tallahassee this Summer to vote on a measure that could repeal homestead property taxes, Gov. Ron DeSantis told the National Mining Association. “We’ll be working with the Legislature, not this week, not probably May, but probably after that, to do a Special Session on putting this on the ballot,” he said in Palm Beach. The proposal would require 60% of members in both the House and Senate to vote to put it on the ballot, and the same proportion of voters would need to approve it to put it in the constitution. [Source: Florida Politics]
$19.14 million
Penny Vinik sold her estate in Tampa’s Golfview neighborhood for $19.14 million on Wednesday. The sale is one of the most expensive in Tampa Bay history, second only to the 2022 sale of Derek Jeter’s former Davis Islands home. [Source: Tampa Bay Times]
› Miami gave away land for Little Havana affordable housing. Here’s what to know
In his final act before leaving office, former Miami Commissioner Joe Carollo arranged a no-bid deal transferring city-owned land to three developers to build 500 affordable apartments in East Little Havana. The arrangement, which included millions in planned subsidies, has raised questions about whether it’s a fair deal for taxpayers.
› How Central Florida homebuyers can still save money as rates stay flat
The Federal Reserve’s decision this week to not lower interest rates will affect Central Florida’s real estate market. A cut could have helped ease mortgage interest rates for buyers heading into the summer home buying season. Orlando Regional Realtor Association (ORRA) President Chris Atwell says buyers in the Central Florida market still have an edge because they have more choices and less pressure than they did during the pandemic era. Atwell notes home sales were up 25% during March compared to this past February.
› How many homes are getting built in Tampa in 2026?
Supply has slowly increased over the past few years but is still below what is needed for the market to balance out. Until that gap closes, prices are likely to remain elevated, and many buyers will likely struggle to afford a home. Homebuilding plays a critical role in maintaining a steady housing supply and keeping prices at sustainable levels. As the U.S. population grows, more housing is needed to meet demand.
› Major senior housing development opens in Florida
McDowell Housing Partners (MHP) and Miami Jewish Health (MJH) have announced the completion of the largest affordable senior housing development in Florida’s Broward County and the second largest in the state. Located in Pembroke Pines, Douglas Gardens Senior Health and Living combines 410 homes for seniors earning 30%, 60%, and 100% of the area median income with on-site health care services for the state’s largest Program of All-Inclusive Care for the Elderly (PACE) under one campus.