Real estate across the Sunshine State for condos and homes is experiencing a slowdown in sales and a drop in prices.
This comes after the COVID-19 pandemic powered a desire for Florida housing, pushing prices up and out of reach for some residents. In April, there was a double-digit drop in the pace of condo sales, and in general, it’s been dropping since last summer.
According to Juan Arias, the director of market analytics at real estate data firm CoStar, condo sales were down 20% in April in Hillsborough County. He added they were also down 21% in Miami-Dade County, down 15.5% for Southwest Florida in general
Source: COSTAR
Mortgage Rates
Creep Lower
This week, the 30-year fixed-rate mortgage rose slightly higher. Aspiring buyers should remember to shop around for the best mortgage rate, as they can potentially save thousands of dollars by getting multiple quotes.
