The jump in listings of homes for sale in Florida points to a market that is about to experience price declines and sellers entering the market, a real estate analyst pointed out on Tuesday.Nick Gerli, CEO and Founder of real estate analytics firm Reventure Consulting, pointed out in a series of posts on X, formerly Twitter, that housing prices in the Sunshine State could be on the way down.'This housing market downturn in Florida is getting crazy,' Gerli said in a post.
That dynamic created above-than-normal competition for homes that helped push up prices as the new residents snatched up homes and ratcheted up demand for properties.But four years later, the migration of new residents to the state has slowed and interest in homes from buyers has cooled amid historically high mortgage rates. Florida also has struggled with soaring homeowners insurance costs that are dissuading potential buyers and leading to some homeowners looking to sell their homes and move.
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