Part 4/9:
Rising Cost of Living: The cost of living in Florida has surged, making it comparable to many other expensive states that residents previously left during the pandemic. As affordability issues arise, many individuals are reconsidering the viability of living in Florida, leading to relocations back to their original homes.
Increasing Inventory: The state is witnessing an explosion in housing inventory, resulting in increased competition among sellers and further price declines, particularly in previously hot markets.
Interest Rates: High interest rates, hovering around 6.5% to 7%, drive up borrowing costs and discourage new home buyers, compounding the decline in sales and market activity.