After being restrained by the chronic lack of listing inventory, for more than a year, rising mortgage rates, financial market volatility, and other related items such as inflation and the impact of the war have pivoted the housing market from a frenzied 24-hour market to a more normalized two-to-three month market. The Florida housing market still continues to benefit from the remote work phenomenon and favorable tax policy. While listing inventory continued its multi-year trend of year over year declines, supply generally rose quarterly at high rates. Despite the increases, supply remained sharply below pre-pandemic levels keeping upward pressure on prices.
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