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Are Florida Insurance Premiums Hurting the Real Estate Market? Sales Down, Prices Up

January 22, 2024

State and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving elsewhere.

The Miami Herald reported Saturday that home sales in south Florida have continued to drop as housing prices have soared. Miami-Dade County recorded 24,154 sales of single-family homes and condominiums in 2023 – a 39% decline from 2021. The median price for a home in the county was $610,000 in December, about 15% higher than the year before, the newspaper reported.

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