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Florida’s housing market is experiencing a significant slowdown, with home sales falling statewide, including in the Tampa Bay area. The biggest factors behind this trend are rising insurance and HOA fees, coupled with the aftermath of the recent hurricane season.
Tampa is ranked as the fifth-worst city in the country for home sales, with a 7% drop this year compared to last, according to a study by Redfin. Nationwide, home sales rose by nearly 5%, making Tampa’s struggles stand out. After Hurricane Helene in September and Hurricane Milton in October, pending home sales in the city fell by a staggering 32%.
