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