Most Florida markets we cover are seeing:
- A chronic shortage of listings that, even with the gains in some markets this year, supply remains far short of pre-pandemic conditions.
- Sales have declined sharply below the frenzied elevated sales levels of 2021 and early 2022 and also below pre-pandemic levels due to higher mortgage rates and anemic listing inventory gains from record lows.
- Price trend indicators continue to rise in most markets, but at a lower annual rate than a few quarters ago, as the lack of listing inventory provided a firm footing under prices.
- Bidding wars continue to occur because of low supply, but at a lower level than was seen during the boom era of the prior several years.
- Months of supply, otherwise known as the pace of the market, has slowed from the frenzied period of unusually low mortgage rates but generally remains faster than long-term trends.
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