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lorida's housing market is experiencing a slowdown due to setbacks such as back-to-back hurricanes and high property insurance costs, according to a new report from Redfin Real Estate brokerage. The state's biggest cities are seeing declining home sales, with five U.S. metro areas in Florida ranking among the top for the biggest declines. These areas include Fort Lauderdale, Miami, West Palm Beach, Jacksonville, and Tampa.

    Lindsay Garcia, a Redfin real estate agent based in South Florida, notes that the market is "very slow" and will likely become even slower during the holiday season, except for vacation rentals which tend to attract snowbirds. However, the Orlando housing market is starting to recover after a 14% drop following Hurricane Milton.

    Garcia attributes the decline in home sales to high insurance costs and new building safety regulations approved by state lawmakers in 2022, which have driven up HOA fees to pay for inspections. Some Florida condos are sitting on the market for over a year due to these factors. Garcia believes that single-family homes offer more options than condos, where people tend to suffer the most.

    Despite the current challenges, Garcia is optimistic about the state's housing market outlook in the new year, citing a potential reduction in interest rates by the Federal Reserve as a positive factor.