The housing market continued to shift as higher mortgage rates and decreased consumer confidence outweighed November’s economic growth. With one of the lowest unemployment rates in the nation, Florida’s strong labor market spurred further wage growth, which provided some relief from the impacts of higher interest rates on housing affordability.
Sales volume decreased in November to less than 9,000 condominiums and single-family homes, reflecting a sales drop of 13% and 19% respectively from October—highlighting buyer variability as rising borrowing costs offset the recent moderation in pricing.
Sales declined throughout all price tiers; however, moderately priced home sales were the most resilient. The most considerable slowdown in sales occurred in the less than $500,000 range, where fluctuations in mortgage rates most heavily impact potential buyers.
