Florida's Housing Market Faces Downturn as Stale Inventory Soars

Florida has seen the biggest year-over-year surge in stale inventory in the entire nation in November, according to a new report by real estate brokerage Redfin, as new properties flooded the market at a time when few seemed to be interested in buying them.The Sunshine State, together with Texas, now has the highest share of homes sitting idle in the market for over 60 days without going under contract, Redfin wrote.

Newsweek contacted Redfin and Florida Realtors for comment by email on Monday morning.Why It MattersThe recent rise in stale listings is yet another sign that the once-booming Florida housing market is now facing a likely downturn as inventory piles up at a time when demand is dwindling.What To KnowAmong the top 50 metropolitan areas in the country with the highest shares of homes sitting idle on the market waiting for a buyer, six were in Florida. Miami, the city with the highest share of stale listings in the country, counted a total of 63.8 percent of homes that had stayed on the market without going under contract.A listing needs to stay on the market without going under contract for at least 30 days to be considered stale; Florida more than doubled this number, with homes staying for an average of 69 days on the market before being sold. Nationwide, it took an average 43 days for a home to sell in the same month.The entire country is facing a surge in stale inventory. Over half (54.5 percent) of home listings last month stayed on the market for 60 days or longer without going under the contract—the highest share for any November since 2019. But in Florida, the problem is particularly acute.Fort Lauderdale, Florida, had the third-biggest share of stale listings in the country in November, at 62.3 percent, after Austin, Texas, at 62.4 percent. It was followed by San Antonio, Texas, at 60.3 percent; and Orlando, Florida, at 59.9 percent

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