Florida real estate struggles as ‘motivated’ sellers flood market

Once a red-hot destination for out-of-state homebuyers, Florida is seeing its inventory of homes for sale skyrocket and price growth stagnate.

“Florida is very unique,” Redfin’s chief economist Daryl Fairweather told CNBC’s “Last Call” on Wednesday. “It was one of the only markets that actually sustained price growth after interest rates went up, so I think this correction is a bit overdue.”