Florida Realtors Chief Economist: Hurricane Helene disrupted the state’s RE market last month. Still, statewide inventory rose YoY for both Sept. and 3Q.
Nearly 360,000 insurance claims have been filed in Florida due to Hurricanes Milton and Helene, mostly from residential properties in the hardest-hit areas.
Florida’s pro-business mindset has encouraged commercial growth, which has led to years of steady growth, one investor said.
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The increase in new home sales shows they continue to be an appealing option. The average loan size for new homes rose to $402,658 in September.
Real estate professionals are building client loyalty and responding to needs among a quickly growing Hispanic demographic.
Lower rates have encouraged buyers from the sidelines. In Florida, builders are offering incentives that include lot premium waivers and price reductions.
Even with affordability headwinds, builders remain optimistic about the future of the market. The share of builders cutting prices held steady at 32% in October.
Builder sentiment and easing monetary policy boosted single-family construction. Multifamily fell 9.4% due to tight financing and rising apartment completions.
Pending home sales posted their biggest increase since 2021 recently, but some house hunters are starting to pull back, Redfin said.
