NEW YORK, May 2 (Xinhua) -- The housing boom in the southeastern U.S. state of Florida has now shifted into reverse, with prices sliding by the most in at least 13 years, reported Bloomberg News on Friday.
The median price for all types of homes fell 1.7 percent in March from a year earlier, according to Redfin Corp. data going back to 2012.
The post-pandemic influx of out-of-state buyers has faded, and home sales have fallen. Inventory is now at a record high in the data going back to 2012. Rising insurance costs and high mortgage rates have strained affordability, the report said.
The state's condo market has also been buckling under soaring costs and new requirements for the upkeep of aging buildings. The cost of owning a condo has skyrocketed after the state began requiring more inspections and adequate reserves for repairs in the wake of the 2021 Surfside condominium collapse.
"Many people trying to sell units are struggling because of special assessments to cover expensive maintenance," noted the report.
