According to CoreLogic's latest data estimates, 668,052 single-family and multifamily homes along the east coast of Florida with a reconstruction cost value (RCV) of approximately $144.6 billion are at potential risk of storm surge damage from Hurricane Dorian based on its projected Category 3 status at landfall. These estimates are based on the Thursday, August 29 National Hurricane Center 5:00 p.m. EDT forecast.
As Hurricane Dorian approaches Florida, its path will become more certain and the below metropolitan areas at risk will narrow.
The table above indicates the total number of homes with exposure to storm surge damage given the current path of the storm, and the RCV figures assume 100 percent destruction of all at-risk homes - and represents the worst case scenario.
Hurricane-driven storm surge can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore.
Orlando's housing market enjoyed year-over-year increases of more than 5% in both median price and sales in July 2019, while inventory continued its steady upward trek and increased more than 6% compared to July of last year.
Pending home sales in the U.S. increased in May 2019, a positive variation from the minor sales dip seen in the previous month. Three of the four major regions saw growth in contract activity, with the West experiencing a slight sales decline.
According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes fell 6.7 percent to a seasonally adjusted annual rate of 673,000 units in April 2019 after a sharp upwardly revised March 2019 report.
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