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lorida's housing crisis has reached a critical point, with the number of unsold homes soaring to a record high. According to Redfin, there were 172,209 homes for sale in Florida at the end of January, a 23% year-over-year increase. This is the highest inventory on record, with eight of Florida's metros, including Cape Coral and North Port-Sarasota, experiencing a record high in active listings.

    The crisis was triggered by surging insurance costs and HOA fees following a series of natural disasters, including the Surfside building collapse that killed 98 people. New legislation requires structural inspections for condos over 30 years old and additional funds for repairs, leading to increased payments. Homeowners associations have raised fees in anticipation of future repairs and mitigation needs.

    As a result, many homeowners are facing fees greater than their mortgage payments, sparking a wave of distressed sales across the state. Sellers have slashed prices by up to 40%, with some units losing nearly half a million dollars off their asking price. The influx of new-build properties has also contributed to downward pressure on prices.

    With a glut of options for buyers, stale listings are piling up in Florida. "Bidding wars are very rare these days," said Redfin real estate agent Bryan Carnaggio. "A home needs to be priced fairly and look like it's out of a magazine to get multiple offers." Pending home sales in Florida fell 9.3% year-over-year in January, further exacerbating the crisis.

    The state's housing market was previously driven by an influx of remote workers fleeing high-tax areas for space and lower taxes. However, demand has not kept pace with supply, making Florida a prime buyer's market. As one real estate agent noted, "the current correction in prices and demand makes Florida a great time to buy."