Florida’s luxury homes are struggling to find buyers | Florida Trend Real Estate – Florida Trend

Florida’s luxury homes are struggling to find buyers

The price of luxury homes in the U.S. rose 8.8 percent in the second quarter of the year compared to the same period in 2023, according to a recent Redfin report—reaching an all-time high that is scaring off potential buyers, especially in states like Florida. The typical U.S. luxury home sold for a record $1,180,000 between April and June, jumping up almost 9 percent compared to a year earlier—the biggest increase in nearly two years. [Source: Newsweek]

Housing difficult to find for some as Florida’s population swells to 23 million

Florida State University economist Tarik Dogru is optimistic regarding Florida’s swelling population, and says the growth is good for the state’s economy. “Overall I think this growth is very good,” Dogru said. “Companies are also coming to Florida. Their headquarters are maybe moving here. They want to be in a state where can operate more freely.” However, a downside to the increasing population is housing can be hard to find. [Source: WCJB]

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Florida boomtowns: Westlake wows

In December, Minto Communities USA notched its 2,000th sale on the way to a 4,500-home buildout at Westlake, the city it founded in 2016 in Palm Beach County. The 3,800-acre Westlake development regularly makes John Burns Real Estate Consulting’s national list of the top-selling master-planned communities. Single-family home prices start in the $400,000s….