According to the latest Redfin data, the number of homes for sale in Florida has surged after homebuilders rushed to accommodate newcomers.
There are more than 5,600 active listings in Florida that include the keyword"motivated" in the description on Zillow.Chief Economist Daryl Fairweather told CNBC's Last Call on Wednesday."It was one of the only markets that actually sustained price growth after interest rates went up, so I think this correction is a bit overdue.", the median time a Florida home spent on the market was 57 days in March. Two years earlier, that time span was just 24 days.
"It's also coming at a time when HOA fees are going up and insurance costs are going up, and people don't want to pay these higher property taxes," Fairweather said."More new listings are coming on the market right now too.