Florida Home Sales Level Out

\r\nFlorida has been hard hit this year when it comes to real estate. After a few busy hurricane seasons, rising home values and high mortgage rates, many properties were sitting on the housing market for months. Analyst say this is a classic “Cooling” period, which may stabilize the market, as opposed to crash it. Last year Florida saw a monumental increase in home values, pushing appraised values almost 150%; this year, those same houses are waiting for buyers.\r\n

The influx of homes on the market has created a situation where supply outnumbers demand almost two-to-one. Though many home sellers are still hoping to make a killing, more and more properties are staying on the market. Sales prices are starting to drop, and mortgage rates are getting better, turning the market into a more stable place than it was six months ago. Industry professionals are hoping the current trend increases business, as many companies have had to consolidate or close due to a slowing in sales.\r\n