Investors are now selling at a loss in Florida’s Housing Market, with the Zillow Value estimates on some listings collapsing as much as 30%.
Indeed, the seasonally-adjusted estimate of new houses for sale at the end of May was 481,000, marking the highest level since January 2008. This surge in inventory is a result of rising mortgage rates, which dampened housing demand and led to both resale and new home inventory growth. The current supply represents approximately 9.3 months at the current sales rate, up from 8.1 months in April and 6.9 months in May 2023.
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