56% more people moved into Florida this year than moved out

The surge of people from the Northeast seeking warmth and more affordable living conditions catapulted Florida's housing market into a frenzy during the pandemic. However, this intense demand is now showing signs of slowing down.

After experiencing almost a 50% increase in the past three years, single-family home prices in Florida have stabilized, marking the first time this has happened since 2011. The influx of people relocating to the state is also starting to slow. Additionally, the combination of rising mortgage rates and insurance premiums has chipped away at one of Florida's primary appeals: affordability.

Daryl Fairweather, the chief economist for Redfin Corp., noted, "The fact that Florida is getting more expensive is making it less attractive to homebuyers. It becomes a concern for people trying to fix their monthly housing expenses."

While the easing in Florida's housing market is relatively modest compared to sharper downturns seen in once-booming regions like Phoenix and Austin, it underscores the limitations of a pandemic-driven surge that has priced out local residents and raised the barrier for entry for newcomers. Notably, Miami, a prime destination for New Yorkers heading south, now holds the distinction of being the most unaffordable metropolitan area in the United States, based on RealtyHop's May data that measures homeownership expenses relative to incomes.