Reconstruction Cost Value of all homes in hurricane path totals $13.4 billion
According to new research by CoreLogic, over 57,002 homes in the Florida Gulf Coast with a reconstruction cost value (RCV) of approximately $13.4 billion are at potential risk of storm surge damage from Hurricane Michael based on its projected Category 3 status at landfall.
The table below indicates the total number of homes with exposure to storm surge risk 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.
These figures reflect the Core-Based Statistical Areas (CBSAs) located along the Florida coast that could potentially be affected.
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.
Florida's housing market reported more closed sales, higher median prices and increased pending inventory compared to a year ago. Sales of single-family homes statewide totaled 23,510 last month, up 11.5% from September 2018.
According to the National Association of Realtors' newly released 2019 U.S. Vacation Home Counties Report, increased financial wealth and low mortgage rates boosted the demand for and price of vacation homes.
Florida's housing market reported higher median prices and increased inventory (active listings) in February 2019 compared to a year ago. Sales of single-family homes statewide totaled 18,966 last month, up 1.9 percent compared to February 2018.
Florida's housing market reported more closed sales, rising median prices and more new listings in October 2018 compared to a year ago. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.