The housing market in Florida is experiencing notable changes marked by a rise in inventory levels, particularly in major metropolitan areas. With year-over-year gains reaching 46% in Miami and 68% in Tampa, shifting conditions contrast sharply against the backdrop of low sales activity since 2022. Despite higher inventory, pending home sales have not improved significantly, reflecting the volatility of the market. Home prices, including in typically strong regions like Miami, have recently shown signs of decline, reversing the rapid appreciation seen during the pandemic.
Despite gains in inventory, Florida's housing markets are witnessing a decline in pending home sales and prices, illustrating an ongoing shift in buyer dynamics.
Mortgage rates have triggered significant shifts in Florida's housing landscape, with inventory spikes not translating into increased sales as markets remain volatile.
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