The economy’s strength fueled demand for housing even as higher costs affected affordability and slowed purchase activity. Though sellers may not receive numerous offers above the asking price, a balance between buyers and sellers is a positive for the longer-term health of the regional housing market.
Affordability is impacting homes of all sizes, but it particularly affects first-time home buyers that may have already been hesitant to purchase. Despite this, younger buyers’ relatively strong desire for ownership helped buoy sales in entry-level tiers. The slower sales pace brought levels in line with late 2019 and early 2020, highlighting the outsized sales volume and prices of more recent months.
In July, total listings increased by nearly 14% in the counties along Florida’s East Coast. Even as more homes and condos are made available for sale throughout the region, the increase in inventory has only brought levels back to where they were in late 2021.
