The residential property market has seen record-breaking performance for quite a long time but some US cities are now showing signs of cooling. Redfin, a real estate brokerage agency, reports that a significant number of buyers are refusing to close on already approved deals in some markets. This may lower the competition for listed homes and consequently lead to a price reduction.
Jacksonville, Florida, is at the top of the rating compiled by Redfin. In September, the share of non-finalized sales there reached 30.3%. The number of homes sold that month dropped by 34.6% year-on-year. Prices of 44.7% of residential properties in the market were reduced by the sellers.
Orlando and Tampa are in the 4th and 5th place respectively. The number of terminated transactions in these two locations was almost the same in September, 24.6% and 24.5%. The median number of days houses stayed on the market in Orlando was 20, which is the greatest since February 2021. In Tampa, 637 homes were sold in September – a 40.6% drop compared to the previous year. Hurricane Ian made a strong impact on the local market.
Also in top 15 is Fort Lauderdale with 22.1% of non-closed housing sale deals and the sales reducing by 32.6% compared to September 2021, and West Palm Beach, where buyers refused o close on 21.1% of transactions and the sales plummeted by 39% year-on-year.
According to the abovementioned report, the Sunshine State ties with Texas for the first place by the market cooling level. It is a great time for those who intended to purchase a home in Florida for living or investment.