Florida’s housing market in June and second quarter (2Q) 2024 showed rising inventory levels for 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,” Dr. O’Connor 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.
