South Florida Homes for Sale Quadruple As Residents Leave En Masse
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
South Florida's housing market is undergoing a sharp reversal as the number of homes for sale climbs to its highest level in nearly a decade—quadrupling since 2022, figures show. Real estate analysts say the surge is driven by a drop in demand and a wave of homeowners deciding to sell amid rising costs and stagnant affordability.
Why It Matters
Florida's housing market is beginning to undergo what experts describe as a correction, as growing inventory and weakening demand start to ease the effects of years of overheated growth.
South Florida, home to many of the state's aging condominiums, has also been grappling with the effects of new building safety legislation enacted after the deadly collapse of Surfside's Champlain Tower South in 2021. The law mandates that condo associations carry out regular inspections and maintain sufficient reserves to cover essential repairs and maintenance.
An overhead image shows a neighborhood community in Miami, Florida.
An overhead image shows a neighborhood community in Miami, Florida.What To Know
There were nearly 52,000 active home listings across South Florida's tricounty area in April, the South Florida Sun Sentinel reported, citing to data from real estate analytics tool Reventure.
That figure represents an almost fourfold increase from 2022, when listings dropped to just 12,825 during the height of the COVID-19 pandemic migration boom. A surge of new residents moved to South Florida during that time but this has since tapered off, further reducing demand for properties.
This is one of three main factors contributing to the increase in home listings, according to Nick Gerli, founder and CEO of Reventure: locals being priced out, fewer people relocating to the area and many current homeowners deciding to sell, the South Florida Sun Sentinel reported.
Gerli added that many homeowners across Florida, not just in South Florida, are opting to sell their properties due to rising costs associated with homeowner association fees and property insurance rates.
"It's kind of like this perfect storm now," he said, per the publication.
Newsweek previously reported that many residents now appear to be "looking to escape" Florida, describing the state as having become "a victim of its own success," according to Cotality, formerly known as CoreLogic.
What People Are Saying
Nick Gerli said that the typical household in Miami-Dade, Broward or Palm Beach counties likely earns a median annual income ranging between $70,000 and $80,000, according to the South Florida Sun Sentinel and that "This type of family could afford to buy a house prior to the pandemic at prevailing prices and mortgage rates."
"They can now no longer afford it. They can't even qualify for a mortgage in many cases, and that's just leading to a constriction in demand at the local level."
Gerli previously wrote on X: "Florida's housing market is in a housing downturn. Prices are dropping all across the state, and will likely continue to drop for years due to an oversupply of housing combined with record lack of affordability."
What Happens Next
Florida may be heading into a multiyear housing market correction, with declining prices needed to make homes affordable again and bring buyers back into the market.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
19 minutes ago
- Newsweek
Four Jobs Where Wages Are Outpacing Inflation
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Wages have largely lagged behind inflation over the past few years, a shortfall attributed to a post-pandemic price surge the effects of which continue to reverberate through the economy. According to a new study by financial services firm Bankrate, inflation has risen 22.7 percent while Americans' wages have only grown 21.5 percent since January 2021. This has resulted in a current wage-to-inflation gap of -1.2 percent, meaning that income has on the whole failed to keep pace with overall price increases. Why It Matters The disparity between wages and inflation means most Americans—even those who have received bumps in their paychecks—are effectively seeing a drop in their in overall purchasing power. However, while some industries lag well behind, researchers found that certain professions have seen their pay keep up with, even outpace, price hikes since the pandemic. What To Know Bankrate drew on data from the Bureau of Labor Statistics—specifically the Consumer Price Index (CPI) and Employment Cost Index (ECI)—to measure sector-specific wage growth against inflation since 2021, and found that four industries have seen wages rise faster than prices over this period. Earnings in the accommodations and food services category have risen the fastest since 2021, climbing 27.5 percent and exceeding inflation by 4.8 percent. Next is leisure and hospitality, where wage growth has created a 4.1 percent lead over inflation. Health care and social assistance follows with a 1.7 percent wage-to-inflation gap, while retail earnings have outpaced price increases by 0.5 percent. Elise Gould, senior economist at the Economic Policy Institute and an expert in wage dynamics, told Newsweek that areas such as leisure and hospitality "experienced much faster wage growth coming out of the pandemic because of the sheer numbers of jobs lost and the need for employers to scramble to attract and retain workers." These effects, she said, were more pronounced for those at the lower end of wage distribution, who required more "enticement" from employers to return to less-compensated, face-to-face roles—bargaining power that was reinforced by the financial supports put in place by policymakers during the pandemic. Ahu Yildirmaz, President & Chief Executive Officer of the nonprofit Coleridge Initiative, which assists governments in using data for policymaking, said that the sectors where wages have kept up "not only faced intense competition for workers, but they also started from relatively lower wage levels." "That means percentage increases appear larger and more noticeable," he told Newsweek, adding that health care is a "bit of a special case," given funding support during the pandemic "helped reinforce wage gains, adding to the upward pressure." A trader works on the floor of the New York Stock Exchange, Monday, August 18, 2025. A welder carries steel at the site of a construction of a housing project, Thursday, July 31, 2025, in... A trader works on the floor of the New York Stock Exchange, Monday, August 18, 2025. A welder carries steel at the site of a construction of a housing project, Thursday, July 31, 2025, in Portland, Maine. More Richard Drew / Robert F. Bukaty/AP Photo In contrast, wages for those in manufacturing, professional and business services, financial activities and construction have slipped noticeably behind inflation. Education has fared the worst, with a 17.9 percent rise in pay trailing inflation by 4.8 percent. Educators have long suffered from the gap between income growth and inflation. According to the National Education Association's most recent annual report, average starting teacher salaries underwent their largest increase in 15 years in 2024. However, the labor union said that, when factoring in inflation, average teacher wages have "actually decreased by an estimated 5.1 percent over the past decade." "Education has lagged the most because even though teacher shortages persist, institutions face far more rigid pay structures," Yildirmaz told Newsweek. "School systems can't easily adjust prices or salaries in the way private employers can, so teacher pay scales tend to move slowly and remain constrained." Gould noted that the inability of wages to keep up has also been a function of the rapid inflation seen between 2020 and 2022, which reached an annualized rate of 9.1 percent in June 2022. This has been attributed to a mix of factors including pandemic-era supply chain shocks, post-lockdown demand surges, as well as the Russian invasion of Ukraine which drove up energy and food prices. What People Are Saying Martha Gimbel, executive director of the Yale Budget Lab, told Bankrate: "A wage increase is something you earn. Inflation is something that happens to you. It feels unfair to people that their hard-earned wage increase is getting eaten up by something that's not their fault." Ahu Yildirmaz, President & Chief Executive Officer of the Coleridge Initiative, told Newsweek: "Looking ahead, demographics and immigration will play a critical role in shaping labor supply. At the same time, the pace of AI adoption will influence demand. In service industries where human interaction is harder to automate wage pressure is likely to remain elevated. By contrast, in sectors more exposed to automation, wage growth may be more restrained." What Happens Next? Bankrate believes wage growth is on pace to match post-pandemic inflation by the third quarter of 2026, at which point its wage-to-inflation index will rise above zero. According to latest CPI report from the BLS, inflation accelerated 0.2 percent in July from June, and is up 2.7 percent on a 12-month basis. The core CPI, which excludes the volatile food and energy categories, increased by 0.3 percent for the month and is up 3.1 percent from a year ago. Most forecasts assume that inflation will remain broadly at this level for the remainder of 2025, the IMF forecasting annual inflation to hold steady at 3.0 percent on average this year. However, experts believe this will depend significantly on the extent to which the effects of President Donald Trump's tariffs are passed onto consumers.
Yahoo
an hour ago
- Yahoo
ONE Asks Federal Maritime Commission to Dismiss QVC and Cornerstone Complaint
Ocean Network Express (ONE) has asked the Federal Maritime Commission (FMC) to dismiss a complaint brought against it by QVC and Cornerstone, filed in June. The companies alleged that ONE violated the Shipping Act of 1984 by breaching its contract with them. They alleged that despite having pre-contracted space on ONE cargo ships, the shipping company decided to allocate that space to other clients who were willing to pay higher spot rates for the cargo space, in turn causing delays in QVC and Cornerstone's ability to ship goods as promised and requiring them to pay higher rates to bring their cargo to the final destination. More from Sourcing Journal Dali Shipowners Sue Vessel Manufacturer Over Baltimore Bridge Collapse Panama Court Battle Threatens CK Hutchison's Canal Port Deal NY AG Asks Court to Dismiss NRF's Algorithmic Pricing Lawsuit According to QVC, ONE 'carried only approximately 47.75 percent of its service commitment under the Service Contract, for a shortfall of at least 627 [forty-foot equivalent units] (FEUs)—52.25 percent less than committed.' QVC said because of that alleged shortfall, it had to pay higher prices from alternative carriers at higher rates, which it stated cost more than $7.7 million during the 2021-2022 shipping year. For its part, Cornerstone said ONE 'carried only approximately 42.4 percent of its service commitment under the Service Contract, for a shortfall of at least 662 FEUs—57.6 percent less than committed,' which allegedly saw the company paying nearly $10.5 million to ship goods overseas with another carrier. According to the complaint, ONE allegedly sought to capitalize on higher freight prices brought on by the Covid-19 pandemic, in turn 'allocating space to the highest bidder also contributed to the inflationary spiral in container rates by artificially increasing demand.' After receiving an extension from the FMC, ONE filed its response to the complaint on Thursday. In its response, it denied any liability and asked that the FMC dismiss the complaint. In its response, ONE also asserted affirmative defenses, by saying that the FMC lacks jurisdiction over the complaint because it's a contract issue; noting that it believes QVC and Cornerstone have not made adequate claims to prove that ONE is in violation of the Shipping Act and claiming that the companies, if they ever had one, lost their right to pursue legal action against ONE because they acted with unclean hands. Those defenses are merely a few in a list of many such defenses, which also see ONE blaming others for any illegal conduct that may have occurred, though it has denied that it acted illegally at all. 'Any damages sustained by the complainants, as alleged in the complaint, were proximately, directly and solely caused by the acts or omissions of others for whom Respondent is not responsible,' attorneys for ONE wrote in the company's response. 'The complainants' damages, if any, were caused by complainants', or its agents' own acts or omissions beyond the control of [ONE].' The argument that any damages came from third parties or from QVC and Cornerstone itself are the linchpin of ONE's affirmative defenses, but the slew of such defenses taken together, ONE contended, preclude the companies' allegations from the hearing they requested in the complaint. QVC did not immediately return Sourcing Journal's request for comment on ONE asking the FMC to dismiss the initial complaint.
New York Post
an hour ago
- New York Post
America's wealthiest neighborhood is probably not where you'd expect it to be
Move over, Beverly Hills – there's a new neighborhood taking the crown as America's most expensive. Gables Estates, a small gated community located in Coral Gables, Florida, has now taken Zillow's top spot for the United States' most expensive neighborhood, based on home value data over the last 12 months. Advertisement The neighborhood now tops Beverly Hills, California, long regarded as the pinnacle ZIP code of wealth. 'What makes Gables Estates unique is its privacy, sophistication, and livability, which Beverly Hills doesn't fully offer,' Coral Gables-based CEO and co-founder of Vertical Developments, Fernando de Nunez y Lugones, told Fox News Digital. 'Unlike Beverly Hills, which is known mostly for its name and history, Gables Estates is about the lifestyle and the experience, and that consistently draws ultra-high-net-worth buyers.' Seven of the 10 priciest neighborhoods are located in the Sunshine State, while the remaining three are in California. 'This is a long-term trend, not a blip,' Lugones said. 'I remember reading last year that Coral Gables actually beat Beverly Hills, and it makes sense. Buyers and businesses are relocating here for lifestyle, taxes and the overall environment. South Florida is increasingly becoming known as Wall Street South, and Coral Gables stands out for its walkability, amenities, and culture. Markets may fluctuate, but the appeal of space, security, and community remains strong.' Advertisement Zillow's home value index is 'designed to capture the value of a typical property across the nation or the neighborhood,' its website states, by using metrics such as sales transactions, tax assessments, public records, square footage, and location. 5 Gables Estates, a small gated community located in Coral Gables, Florida, has now taken Zillow's top spot for the United States' most expensive neighborhood, according to reports. LightRocket via Getty Images The greater Miami area has experienced an influx of wealth migrating in the post-COVID era. Between 2017 and 2022, more than $14 billion in income flocked to Florida, with more than $9.2 billion going to Palm Beach, Broward, and Miami-Dade counties. Advertisement Additionally, Henley & Partners World's Wealthiest Cities Report for 2025 found that both West Palm Beach and Miami surpassed New York City as the world's fastest-growing wealth hubs. West Palm saw a 112% increase in millionaire growth over the last decade, while Miami saw a 94% increase. Gables Estates is an exclusive waterfront community that features luxurious mansions, lush landscaping, and a canal system that connects directly to Biscayne Bay. The neighborhood began development in the 1920s, and now includes an estimated 160 to 180 properties. Advertisement 5 'What makes Gables Estates unique is its privacy, sophistication, and livability, which Beverly Hills doesn't fully offer,' Coral Gables-based CEO and co-founder of Vertical Developments, Fernando de Nunez y Lugones, said. Bloomberg via Getty Images 'We expect even more interest from ultra-luxury buyers looking to move to Coral Gables and the broader Miami area. As more buyers settle here, the neighborhood's reputation as a world-class enclave will only continue to grow,' Lugones noted. Its residents enjoy high-level security with 24/7 armed guards on land and water. Entry into the community means paying a $100,000 non-refundable application fee to the larger Gables Estates Club. Zillow notes that home listing prices often exceed $21 million. 'Coral Gables is naturally self-limiting since there's only so much prime land, which helps protect against overexposure,' Lugones pointed out. 'At the same time, its prestige and careful development standards allow it to handle national attention without compromising lifestyle or value. As long as growth remains measured, Coral Gables can sustain its momentum for decades.' 5 Gables Estates is an exclusive waterfront community that features luxurious mansions, lush landscaping, and a canal system that connects directly to Biscayne Bay, according to reports. Universal Images Group via Getty Images 5 Entry into the community means paying a $100,000 non-refundable application fee to the larger Gables Estates Club. Carlos Barrios America's top 10 most expensive and least expensive neighborhoods can be found below: Most expensive neighborhoods in the U.S.: Advertisement 1. Gables Estates, Coral Gables, FL 2. Port Royal, Naples, FL 3. Old Cutler Bay, Coral Gables, FL 4. Beverly Hills Gateway, Beverly Hills, CA Advertisement 5. The Flats, Beverly Hills, CA 5 'We expect even more interest from ultra-luxury buyers looking to move to Coral Gables and the broader Miami area. As more buyers settle here, the neighborhood's reputation as a world-class enclave will only continue to grow,' Lugones noted. REUTERS 6. Shady Canyon, Irvine, CA 7. San Marino Island, Miami Beach, FL Advertisement 8. Bear's Club, Jupiter, FL 9. Palm Island, Miami Beach, FL 10. Rivo Alto Island, Miami Beach, FL Advertisement On Zillow's list, the least expensive neighborhood is Bullard Hill in Jackson, Mississippi, with an average home value of $24,026. Other neighborhoods include two in Shreveport, Louisiana; three in Flint, Michigan; and three in Jackson, Mississippi.
