Fla.'s Housing Market: Inventory Up, Prices Moderating in June

ORLANDO, Fla., July 23, 2024 /PRNewswire/ -- Florida's housing market in June and second quarter (2Q) 2024 showed rising inventory levels (active listings), more new listings and moderating median sales prices compared to a year ago, according to Florida Realtors®' latest housing data.

"Florida's economy and lifestyle continue to attract people who want to live and work in the Sunshine State – more than 1,000 people move here every day, according to Census data," said 2024 Florida Realtors^® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. "Higher mortgage rates, rising prices and other factors continue to affect home sales, despite demand from would-be homebuyers."

Last month, closed sales of existing single-family homes statewide totaled 23,183, down 11.1% year-over-year, while existing condo-townhouse sales totaled 8,339, down 20.5% over June 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. For 2Q 2024, statewide existing single-family home sales totaled 74,117, down 2.2% from 2Q 2023, while statewide existing condo-townhouse sales totaled 28,982, down 9.2% year-over-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O'Connor said the data may show a different picture next month, with better year-over-year figures for closings possible in July but "it would be tough to say for sure if we'll exceed last July's totals.

"If we look at pending inventory for June – that is, the number of properties that were under contract as of the end of the month – we can see that the gap between last year and this year is quite close for single-family homes (-2.5%), indicating we could see similar numbers of closed sales in the next month or two," he said. "But that's dependent on these under-contract homes going all the way through closing, which we know is not always guaranteed. The gap for townhouses and condos is a bit larger than that for single-family homes (-7.9%), although it is still more favorable than we've seen in recent months."

The statewide median sales price for single-family existing homes in June was $427,000, up 1.7% compared to June 2023, while the statewide median price for condo-townhouse units was $324,900, basically the same as a year ago.

For 2Q 2024, Florida's single-family median sales price was $428,000, up 2.4% compared to the same quarter a year ago; the condo-townhouse median for 2Q was $330,000, up 1.5% year-over-year. The median is the midpoint; half the homes sold for more, half for less.

O'Connor noted that the rate of inventory growth slowed in June, likely caused by the weakest level of year-over-year growth in new listings of for-sale homes seen so far this year.

"Year to date, new listings of single-family homes for sale are up over 16%, but in June they were only up by 6% compared to a year ago," he said. "New listings of townhouses and condos, meanwhile, are up by over 19% year-to-date, but were only up by 4.6% in June."

On the supply side of the market, single-family existing homes were at a 4.6-months' supply in June and 2Q 2023, while condo-townhouse properties were at a 7.4-months' supply for both timeframes.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the June 2024 and 2Q 2024 data report PDFs under Market Data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

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SOURCE Florida Realtors