Florida's real estate market is experiencing significant shifts post-pandemic. Inventory has surged by 363% from 22,000 to 102,000 homes since mortgage rates began climbing in March 2022. While new listings have increased, home sales have dropped notably year-over-year across major markets, attributed to rising mortgage rates and consumer economic anxiety. Major areas like North Port, Tampa, and Orlando have seen considerable declines in sales, indicating a complex landscape that differs from the earlier pandemic boom despite increased inventory.
If you focus in a tunnel on one or two stats you'll see a lot of the headlines, but the sky's not falling, said Nick Parrinello, cofounder of Tampa-based Agile Group Realty.
The rapid rise of mortgage rates in 2022 zapped that trend, and since then pending new home sales in Florida have followed the same general seasonality trend.
Inventory of single-family homes in Florida sat at 22,000... It has since risen by a shocking 363% to 102,000.
The North Port metro area leads in annual declines at 17.3%, followed by Tampa (12.5%), Orlando (9.5%)...
Mortgage rates are an obvious culprit for sagging sales, but anxiety over the direction of the economy is likely playing a role as well.
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