STORMS BRING COMPLEMENTARY PROBLEMS
The housing market is hurting
Milton and Helene are compounding another problem: People aren’t migrating to Florida like they used to.
With Tampa’s housing supply up 58% and demand down 10% in August, half of the area’s for-sale listings had gotten price cuts as of a month ago, according to the analytics firm Parcl Labs.
S: Morning Brew
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Zoom in: One homeowner told the Wall Street Journal he’s been trying to sell his ~$580,000 suburban Tampa house for eight months, but he hasn’t even received open house visitors.
Zoom out: Prospective buyers are getting priced out. Home and flood insurance rates in Florida have skyrocketed as much as 400% over the past five years, and those premiums will likely only get worse after this year’s hurricane season. Disaster models are projecting an average of $35 billion in damages from Hurricane Milton, according to Enki Research.—ML