Florida’s Housing Market Cools as Northeast’s Heats Up

As the Northeast housing market experiences a surge in activity, Florida’s market is witnessing a cooling trend. In certain parts of Florida and Texas, home prices are declining as buyers reach their financial limits and supply begins to meet demand. According to the National Association of Realtors, while the median sale price for existing single-family homes increased in 93% of 221 metro areas in the year through March, there were decreases in just 15 markets, with five of them located in Florida and Texas.

Here’s what you need to know about Florida’s Amendment 5, a property-tax ballot question: Florida voters will have the opportunity this November to potentially provide homeowners with additional savings on their tax bills. Proposed by Florida lawmakers, Amendment 5 would typically raise the value of a tax break called the homestead property tax exemption by adjusting it to match inflation.

In other news, Florida’s insurance landscape faces scrutiny as regulators impose a $1 million fine on one of the state’s largest homeowners insurance companies for its post-Hurricane Ian actions. Heritage Insurance, based in Tampa, was penalized for delays in responding to claims, slow claims payments, utilization of improperly licensed adjusters, and inadequate record-keeping.

Meanwhile, South Florida condo associations are encountering challenges in recruiting directors as recent changes to Florida’s Condominium Act lead to increased monthly dues for many communities. These adjustments are impacting owners’ willingness to volunteer for board positions.

In St. Petersburg, a housing experiment is underway, with Innovare apartments offering 50 units downtown. Half of these units are designated for formerly homeless individuals, paying rents as low as $100 per month, while the other half are for low-income residents. Funded by a combination of government and charitable sources, local leaders are hopeful that this initiative could serve as a blueprint for similar projects in other cities.