NORTH PORT, Fla. \u2014 Florida Realtors said home sales increased in September, as the market begins to readjust. <\/p>\n
Single-family home sales increased 13.6% in September over last year, according to Florida Realtors. <\/a>North Port-based Realtor David Haller said he’s not surprised. <\/p>\n WATCH: How rate cuts could impact Southwest Florida housing market: <\/p>\n Florida home sales increase as Federal Reserve expected to cut rates again<\/p>\n Many sellers lowered their price to meet buyers expectations, Haller said<\/p>\n “Yeah I think the sellers needed to get realistic,\u201d Haller said. \u201cAnd we\u2019re in a much more healthy market right now.\u201d<\/p>\n Home prices surged during the pandemic<\/a>, leading to a red-hot Florida market<\/a>. But now fewer people are moving south<\/a>, putting pressure on home prices. <\/p>\n The North Port median home sale price dropped 3.3% in September compared to last year, according to realty website Redfin.<\/a> Haller said some home prices dropped even more. The median North Port home sold for $347,000 in September. <\/p>\n 204 homes were sold in North Port last month, up from 185 the year before. <\/p>\n Redfin released a report<\/a> this week that finds the typical home sold last month went for 1.4% less than its final list price. That’s the biggest September discount since 2019. <\/p>\n Home buyers were also encouraged by rate cuts, Haller said. In September, Federal Reserve Chair Jerome Powell announced a quarter point cut – the first cut since December.<\/p>\n The Federal Reserve is still expected<\/a> to cut rates again next week – after inflation climbed 3% compared to last year, according to the U.S. Bureau of Labor Statistics. Inflation increased at the fastest rate since January, but slightly below economists expectations. <\/p>\n