Florida’s housing market in March and the first quarter of 2024 reported more new listings, higher median sales prices and increased for-sale inventory (active listings) compared to a year ago, according to Florida Realtors’ latest housing data.
“Persistently high mortgage interest rates hovering well above 6% continue to challenge buyers in Florida, especially first-time buyers,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “While we are seeing an increase in new listings and in for-sale inventory, home sellers thinking of moving – whether it’s downsizing or needing a larger home – are also impacted by the higher rates when considering their next home purchase.
Last month, closed sales of existing single-family homes statewide totaled 23,435, down 10.4% year-over-year, while existing condo-townhouse sales totaled 9,332, down 16.6% over March 2023. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
For 1Q 2024, statewide existing single-family home sales totaled 57,326, down 3.7% from 1Q 2023, while statewide existing condo-townhouse sales totaled 22,811, down 8.5% from the same quarter a year ago.
The statewide median sales price for single-family existing homes in March was $420,600, up 3.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $330,000, up 3.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
“Home price growth remained fairly calm by recent standards during the month of March,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Also, more homes were listed on Florida’s multiple listing services this March than in March 2023, but the year-over-year changes were more modest than what we saw in January and February. New listings of single-family homes were up 7.7% in March, well off the pace of nearly 17% in January and over 28% in February. In the townhouse and condo category, year-over-year growth in new listings in March was 11%, compared to over 31% in January and about 30% in February.”
He noted, “This slowdown in the rate of new listing growth meant that while inventory increased from the end of February to the end of March, it increased more slowly than it did in most recent prior months. Still, in a normal market, we usually expect inventory levels to decline from the end of February to the end of March.”
For 1Q 2024, the statewide median price for single-family homes was $415,000, up 3.8% year-over-year; the statewide median price for condo-townhouse properties was $325,500, up 2.8% year-over-year.
On the supply side of the market, inventory (active listings) rose in March as well as for 1Q 2024. Single-family existing homes were at a 4.1-months’ supply while condo-townhouse properties were at a 6.6-months’ supply for both timeframes.
