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- The condo market looks stuck in Florida and Texas, according to Redfin.
- Condo inventory rose 53% in Florida and 42% in Texas since last year.
- Buyers have been scared away from both states, partly due to rising HOA fees and insurance premiums.
Housing inventory is piling up in Florida and Texas, in part because homeowners association fees and home insurance costs are scaring away buyers from the condo market, according to Redfin.
The real estate listings site said the number of available condos had soared in key metros in the two states over the past year, one symptom in an overarching trend of homebuyers getting cold feet amid high prices and rising costs associated with owning a home.
Condo inventory soared 53% year-over-year in Florida in July, per Redfin data, while condo inventory climbed 42% in Texas in the same timeframe. Those increases far exceed the national average, with condo inventory rising 27% nationally in July.