The housing market in Florida is in the midst of a major change: Inventory is down for the first time in 110 weeks, according to Compass chief economist Mike Simonsen. But it’s not for the reason you might think.
Florida’s housing market was one of the hottest during the pandemic due to the state’s appeal to remote workers, retirees, and investors who relocated from high-cost states like New York and California seeking more space, lower taxes, and lenient COVID restrictions. Between March 2020 and June 2022, prices rose a whopping 51%. Demand was high, so inventory was low.
