Florida's housing market is experiencing a significant downturn, with active listings up 34% year-over-year and median prices dropping 11% from May 2023 peaks. The market faces a "breaking point" due to high interest rates, increased housing supply, and rising insurance costs. Homeownership is becoming less affordable, with many spending 35% to 45% of their income on housing. Experts predict continued struggles until 2027, with potential price declines of 10% or more in some areas. The future of Florida's real estate market remains uncertain.
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