Florida Housing Market Cools as Listings Surge Prices Drop

The Florida housing market is showing clear signs of cooling as prices decline and inventory rises across multiple regions, shifting the balance toward buyers. In Southwest Florida and the Panama City area, median prices are falling while listings surge, offering buyers more choices and longer times on the market. Sarasota and Manatee counties have experienced significant year-over-year price drops, with median sale prices still well above pre-pandemic levels but with homes taking longer to sell due to buyer caution. Experts attribute the market shift to higher inventory, buyer hesitation, and the expectation of potential future interest rate decreases, which many hope will stimulate demand. Nationally, confusion persists about the housing market due to mixed signals such as declining sales but rising mortgage applications, influenced by economic policies that have kept mortgage rates elevated. Overall, the housing frenzy appears to be waning as the market begins to stabilize and recalibrate from the rapid price increases seen in recent years.