ORLANDO, Florida - U.S. real estate investors purchased 47,004 homes in the fourth quarter—the lowest level for that time of year since 2016—according to a new report from Redfin. Three of the five metros where investor purchases dropped most in the fourth quarter were in Florida. Investor purchases fell 27.5% year over year in Orlando, FL, more than any other major U.S. metro. It’s followed by Chicago (-23.3%), Miami (-21.3%), Atlanta (-18.4%) and West Palm Beach, FL (-14.5%). Investor market share dropped most in Florida, too. Investors purchased 20.7% of homes that sold in Orlando in the fourth quarter, down from 26.6% a year earlier, the biggest drop of any metro. The drop is similar in Jacksonville, FL, where investors bought 21.1% of homes that sold, down from 25.8%. The next-biggest declines were in Atlanta, Riverside, CA and Charlotte, NC. Redfin analysts say that investors are retreating from Florida metros because the outlook for earning money from real estate investments is cloudy. Six of the 10 metros that topped Redfin’s recent list of buyer’s markets are in Florida, with local agents reporting it’s not an ideal time to sell. Home prices in coastal Florida—especially condo prices—are dropping amid the increasing frequency and intensity of natural disasters, and soaring HOA fees and insurance costs. And investors looking to sell for a profit would have a lot of competition, with Florida for-sale inventory at a record high.