Florida's housing market is currently facing two key challenges—homes for sale that are staying in the market longer and buyers showing reluctance to enter a market that is hampered by high mortgage rates, expensive home insurance costs and elevated prices.Those challenges were illustrated by existing home sales data released on Friday that showed single family homes sales in Florida were down 0.
that homeowners are having trouble affording the higher premiums,' he told Newsweek. 'A lot of owners are listing their homes for sale so they can buy or rent a place that's affordable, which is why inventories are rising.'Meanwhile, buyers are cautious as they factor insurance costs into their home purchase decisions,' he added.Housing economists have suggested that elevated homeowners coverage could be depressing the existing homes market in Florida.