Florida Housing Market Changes Direction
Summary
The number of homes for sale in Florida is starting to go down after two years of rising numbers. The decline occurs as home sellers become less urgent to sell and economic factors make buying less appealing. This change follows recent surges in inventory due to a building boom during the pandemic.Key Facts
- The number of homes for sale in Florida is decreasing for the first time in two years.
- Florida experienced a building boom due to high demand during the pandemic.
- Factors that increased demand, like low mortgage rates and remote work, have changed.
- Mortgage rates went up after the Federal Reserve increased them to control inflation.
- Over 214,500 homes are still for sale in Florida, which is up 5.4% from last year but down from the peak in April.
- Sellers are removing listings from the market, cutting down the number of available homes.
- The number of homes available had climbed for 110 weeks consecutively before this decline.
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