Sales of new homes rose nationally in 2023 for the 1st time in 2 years, up 4.2% from the previous year. However, fluctuating mortgage rates remain a wild card.

While easing, for-sale inventory remains tight in Florida and across the U.S. Buyers have to stay persistent and manage frustration levels during their home search.

The HUD survey in 2023 found that, among U.S. states, Florida had the fourth-most homeless people, at 31,000 people – a count that rose 18% from 2022.

Total existing sales slipped 1.7% year-over-year. Chief Economist Yun: Jan.’s “monthly gain is the start of more supply and demand.” Listings were modestly higher.

Freddie Mac economist: Strong economic and inflation data “caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates.”

Florida Realtors: Fla.’s single-family median price up 3.8% ($405K), condo median up 3.2% ($320K). New listings and inventory levels up in both property categories.

The state got high marks for its net influx of educated workers, job creation rate (up 12.7%) and consumer spending (up 3.4%).

Lawmakers are considering a My Safe Florida Condo pilot program that would help condo associations “harden” their buildings against severe weather.

The money paradox for real estate firms occurs when money must be spent in order to make money, even when cash flow is inconsistent or seasonal.

It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed.