Once a popular destination for out-of-state home buyers, Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate.
“Florida is truly unique” from Redfin Chief Economist Daryl Fairweather said Wednesday on CNBC’s “Last Call.” “It’s one of the only markets that actually supported price growth after the interest rate hike, so I think this correction is a little late.”
According to Redfin, the median time a Florida home spent on the market was 57 days in March. Two years earlier, this period was only 24 days.
“It also comes at a time when HOA (homeowners association) fees are going up and insurance costs are going up, and people don’t want to pay those higher property taxes,” Fairweather said. “More and more new listings are also coming onto the market at the moment.”
There are over 5,600 active listings in Florida that include the keyword “motivated” in the description on Zillow.
cnbc
