Tampa Bay's housing market cools

The housing market in Tampa Bay is cooling faster than in most metros nationwide.

Why it matters: Supply issues continue to put pressure on home prices across the U.S. — despite mortgage rates dampening demand.

• This is particularly true in parts of California and the Northeast. Homes are selling quickly and for over asking, according to Redfin data .
• In the South, however, supply is picking up, and markets are cooling.

Zoom in: Tampa Bay ranked second nationwide for decreasing homebuying demand and competition between April 2023 and April 2024, per Redfin.

The big picture: Florida may be hotter than ever, but its housing market is cooling quicker than most other states, according to Redfin.

• Home construction , unaffordable home insurance and intense natural disaster threats contribute to increased supply and lower demand.
• Homes aren't moving off the market as quickly, and a growing share of sellers are bringing their asking prices down — all signs that these markets are cooling.

Yes, but: Florida and Texas were the poster children for the pandemic price boom , so home prices are much higher than five years ago.

What's next: Some relief could be coming for buyers on the mortgage rate front .