""Low prices and low demand are making people who aren't in a hurry simply withdraw listings rather than sell at a low price," Alexei Morgado, a Florida real estate agent and founder of real-estate exam prep company Lexawise, told Fortune. "Inventory is down, but not because of big sales, but rather because of [delistings] and slow demand. So it's all a mixed bag.""
"This downward trend is a signal the market is "clearing out" the would-be sellers, Jenna Stauffer, a Florida-based real-estate broker and global real estate advisor for Sotheby's International Realty, told Fortune. The ones who needed to sell have most likely already"
Florida housing inventory declined for the first time in 110 weeks. The state saw a 51% price surge between March 2020 and June 2022 as remote workers, retirees, and investors relocated from high-cost states. Current inventory declines are driven by widespread delistings and fewer new listings rather than renewed buyer demand. Home prices have fallen about 5.4% year over year. Some markets showed high delisting-to-listing ratios—Miami about 59 per 100, Tampa 33, Orlando 28. Single-family homes for sale decreased from over 100,000 in spring to about 96,000 as sellers in no hurry withdraw listings.
Read at Fortune
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