The condo market is in the doldrums.
This might come as a surprise to homebuyers who know that condominiums are often a cheaper alternative to single-family houses. But in July, condo sales were down 12% nationwide from a year ago, compared with a slump of just 1% for single-family homes, according to data from the National Association of Realtors®.
The divergence isn’t limited to Florida, where condos abound but soaring insurance premiums and a new law that has jacked up assessment fees are weighing heavily on the market.