The level of new listings for single-family homes for sale has been below normal, with a decline of about 5% compared to a year ago. While this is not unexpected given the high mortgage rates, it has resulted in a significant drop in buyer demand. The decline in townhouse/condo sales was even steeper, at nearly 41%. In this article, we will take a closer look at the current trends and what they mean for the Florida housing market.Īccording to the recent report by Florida Realtors, single-family home sales in January 2023 were down by 32.5% compared to the same period in the previous year, a trend that has persisted for several months. Despite the challenges, the market has seen a significant increase in end-of-month inventory levels for both categories, albeit still short of pre-pandemic levels. The Florida housing market has continued to face challenges caused by rising mortgage rates, resulting in a decline in both single-family and townhouse/condo closed sales.
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