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ampa Bay's home sales have been sluggish this year, with only a small percentage of homes changing hands through August. According to Redfin data, the region's turnover rate is 3.5%, a slight improvement from previous years but still a far cry from pre-pandemic levels.

    High home prices and mortgage rates have made it difficult for buyers to enter the market, while sellers are hesitant to list their properties due to unfavorable conditions. The majority of Tampa Bay homes were built in the 1980s, adding to the inventory shortage.

    Experts predict that homeowners may be more likely to list their properties if mortgage rates drop closer to 5%. However, the US is on track to permit fewer new housing units than last year, thanks to high borrowing costs.