Click here to view an interactive version of the map above.
Housing inventory levels in Florida are up the most in the nation on a year-over-year basis (34%), but the bulk of the increase is really concentrated in sections of Southwest Florida. In particular, in markets like Cape Coral and Fort Meyers, which were hard-hit by Hurricane Ian in September 2022. According to the National Oceanic and Atmospheric Administration (NOAA), Hurricane Ian caused an estimated $112.9 billion worth of total damage, Making it the third costliest U.S. hurricane on record.
The combination of increased housing supply for sale—the damaged homes, combined with strained demand, the resulting spiked home prices, spiked mortgage rates, higher insurance premiums, and higher HOAs—has translated into market softening across much of Southwest Florida.
Source:ResiClub and FAST COMPANY
Pinellas County Inventory
Mortgage Rates
Drop Below
Seven Percent
Spring homebuyers received an unexpected windfall this week, as mortgage rates fell below the seven percent threshold for the first time in over a month. Although this week’s data on previously owned home sales showed a decline, total inventory of both new and existing homes is up. Greater supply coupled with the recent downward trend in rates is an encouraging sign for the housing market.
