Florida's red hot real estate market may be cooling off after five record breaking years. Rising mortgage rates, inventory levels and insurance premiums may keep "For Sale" signs posted in yards longer than usual.
The Florida Association of Realtors says after five record-breaking years, home sales in Florida are on the decline.
Tara Sloan says she's happy to finally be unpacking and moving into a new home with her family after their old house was on the market longer than expected.
Tara said, "When we first put our house on the market it was in April, and the prices were still fairly high. By the time we got around to needing to close on the new house, we had to price the house more competitively in order to make a sale."
The sale of existing homes decreased 25 percent statewide from June of last year with areas such as Tallahassee only seeing seven percent, and Gainesville 11. Larger areas such as Tampa and Orlando faced 34 and 21 percent drops.
Realtors say this has forced lower prices, and selling homes has become more challenging.
Virginia Glass, a Tallahassee realtor, said, "We have about seven times more homes for sale in any given price range this year than we had this time last year, so when you have more homes, buyers have more choices. We have to be cognizant of that."
Glass says the good news is that the Florida panhandle is positioned to sustain this market decline. Georgia realtors say the Peach State is experiencing a bit of a slowdown in home sales too.