In June, the Florida real estate market had 112,365 homes for sale—down over 31% from the previous year. There were 26,062 new listings added in June, which was down 3% from the previous year. And, according to statistics provided by Florida REALTORS, it would take 6 months for the market to absorb current inventory—down from 10 months a year ago.
As you can see, building permits spiked when housing prices where peaking, and then crashed when housing prices fell. Builders have this tendency to overbuild when things are going good, which then floods the market, causing prices to fall. When prices fall, they tend to pull back too much— which is where we are today. While there are a few building permits being issued, considering how large the state of Florida is, the current number of building permits is very low.
% of asking price: 91.5% (up 3.2% from last year)
Pending home sales: 23.709 (up 31% from last year)
Closed home sales: 18,800 (up 5.3% from last year)