Florida home sales slow: What it means for buyers and sellers

The Florida real estate market is seeing homes spend an average of 70 days on the market, the longest since 2019. Contributing factors include a 10% increase in housing inventory, elevated mortgage rates around 7%, and the impact of recent hurricanes raising insurance costs. Additionally, some sellers are overpricing their homes, leading to stale listings, while buyer preferences are shifting towards more affordable options outside coastal areas. This combination is creating challenges for sellers and opportunities for buyers.