Overheated Florida real estate market has been showing signs of normalizing over the past year.
Inventory is up to 2.7 months from less than 1 month although prices are up 3.5% year over year.
Total closed sales are down 21.3% year over year and time to contract is up almost 260%.
Its clear that the Feds aggressive interest rate hikes have slowed down demand significantly in Florida but it is still one of the hottest markets in the country.
With the Fed inflation fight seemingly winding down it is likely that things may heat up again if mortgage rates continue to decline.
Source: Sunstats.com
Credit: Floridarealtors.org
