ORLANDO, Fla. -- Buyers may find now would be the best time to find a bargain on a new house. The inventory of unsold homes in the state has hit a record high.

They're the tell-tale signs of what economists are predicting, a housing market that's slumping more and more.

“What we're seeing right now is a little bit of an evener playing field from buyers and sellers," said Penny Hermann of the Florida Association of Realtors.

Hermann also said the national trend of slow real estate sales is echoed in Florida. The association said that sales of existing homes nationwide dropped in July to their lowest levels since 2004.

Economists said steep prices for gas and heating oil is squeezing budgets. Plus rising interest rates are keeping some buyers away.

"I think if you look over the past many years you'll see a market that has its ups and downs just like any sellers make and a buyers market," added Hermann.

But there is hope for Central Florida, with its growing population Hermann predicts there will always be high demand for these homes.

“I think people will realize lots of people are moving here from other parts of the country,” Hermann said. “So as long as we have that growth, that will also keep inventories down and as along as we have that growth real estate will continue to appreciate in value."

We know that existing home sales are at a national low, but today the Commerce Department is expected to release new numbers on new home sales.