Florida real estate struggles as ‘motivated’ sellers flood market

  • According to the latest Redfin data, the number of homes for sale in Florida has surged after homebuilders rushed to accommodate newcomers.
  • There are more than 5,600 active listings in Florida that include the keyword “motivated” in the description on Zillow.

Once a red-hot destination for out-of-state homebuyers, Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate.

“Florida is very unique,” Redfin’s chief economist Daryl Fairweather told CNBC’s “Last Call” on Wednesday. “It was one of the only markets that actually sustained price growth after interest rates went up, so I think this correction is a bit overdue.”