Florida’s buyer demand remained stronger than in many other high-growth regions in October. The strong economy in part offset the rise in mortgage rates that impacted some homebuyer confidence in the last few months. With the unemployment rate in the low-2% range, employment opportunities continued to attract new residents while wage growth helped more households to afford homes despite the rising costs.
The single-family home segment outperformed, with sales increasing by 5% last month compared to a decline of 4% for condo sales. Since the beginning of the year, active listings have increased by more than 40%. Despite this rapid increase, fewer homes are available today than at any point in 2015 through 2020, underscoring that high inventory is not an issue for the Florida East Coast housing market.
