The biggest inventory increase in the state is concentrated in markets like Cape Coral and Fort Myers, which were hard-hit by Hurricane Ian in September 2022. In addition, the state’s coastal condo market is dealing with the aftereffect of regulation passed following the Surfside condo collapse in 2021. Spiked home prices, spiked mortgage rates, higher insurance premiums, and higher HOAs are all contributing to the increase in inventory
Mortgage Rates
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Movement
Mortgage rates increased this week, coming in just under seven percent. Both new home and pending home sales are down, causing active listings to rise. We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.
