Home Sales Slip as Inventory Hits a 10-Year High

The national housing market sent a mixed signal in August: fewer homes changed hands, yet buyers gained something they haven't had in years — options. According to the original report, the seasonally adjusted annual pace of existing home sales slipped to just under 4 million, a modest decline from July and slightly below the same month a year ago. Meanwhile, the total number of homes sitting on the market climbed to its highest point in over a decade.

The culprit behind slower sales is familiar: elevated mortgage rates continue to act as a brake on buyer activity. When borrowing costs stay high, some would-be buyers stay on the sidelines, and that hesitation shows up in the national numbers.

But here's the flip side — rising inventory is a meaningful development for anyone actively searching for a home. More listings mean less frantic bidding, more time to weigh your options, and in some cases, greater seller flexibility on price and concessions. Florida has been part of this broader inventory recovery, with several metro areas — including parts of Southwest Florida, the Tampa Bay region, and the Space Coast — seeing notable increases in active listings compared to recent years.

For prospective Florida buyers, this environment is notably different from the frenzied market of 2021 and 2022. You're unlikely to face the same pressure to waive inspections or offer tens of thousands over asking price. That said, mortgage rates still shape what you can afford, so staying in close contact with a lender before you fall in love with a listing remains essential.

What this means if you're moving to Florida: A growing supply of homes across many Florida markets gives relocating buyers more negotiating power than they've had in years — but locking in financing early is still the smartest first step.