Housing market expected to start moving again as the Federal Reserve drops interest rates

Last week, the Federal Reserve lowered interest rates by a quarter percentage point in the first rate cut of the year.

Economists believe this is partially due to signs of a weakening labor market.

I think theyre starting to see that theres more of a risk on the unemployment and employment side of things, said Thomas Stockwell, assistant professor of economics at the University of Tampa.

The lower interest rates are expected to have an effect on Tampa Bays housing market.

This year, theres been an increase in inventory on the market.

This year has really been a year of correction in the market, said Tiffany Michael, real estate agent with Century 21 Circle.

Houses have been staying on the market about triple the amount of time than they used to.

So maybe 60-90 days on the market for