ORLANDO,
Fla., June 21, 2024 /PRNewswire/ -- In May,
Florida's housing market reported
more new listings, increased for-sale inventory and higher median
prices compared to a year ago, according to Florida Realtors®'
latest housing data.
"Florida's housing supply
continued to improve in May, which should help offer more housing
options and opportunities for buyers," said 2024 Florida
Realtors® President Gia Arvin, broker-owner with
Matchmaker Realty in Gainesville. "More for-sale inventory,
along with new listings, may ease the pressures buyers are feeling
due to higher median prices, coupled with mortgage rates that
remain just under 7%."
Last month, closed sales of existing single-family homes
statewide totaled 26,252, down slightly (-0.5%) year-over-year,
while existing condo-townhouse sales totaled 10,415, a drop of 8.6%
compared to May 2023. Closed sales
may occur from 30- to 90-plus days after sales contracts are
written.
Florida Realtors Chief Economist Dr. Brad O'Connor noted that May's housing data
appears to be "a continuation of the same trends we've seen in
recent months."
"New listings of single-family home listings were up by 15.2% in
May, which was the lowest year-over-year increase we've reported
this year – outside of a less-than-8% increase in March," he said.
"For townhouses and condos, new listings grew by 13.8%
year-over-year in May – also the second-lowest increase reported
for this property type category in 2024."
The statewide median sales price for single-family existing
homes in May was $426,581, up 1.6%
over May 2023, 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 1.5% over the year-ago figure. The
median is the midpoint; half the homes sold for more, half for
less.
"While sales growth remains sluggish, with new listings still
climbing compared to a year ago, inventory levels are still rising
at the statewide level," said Dr. O'Connor. "Now, noted – we are
seeing a decent amount of variation at the county level, and even
within several counties, when we drill down to the zip code level.
Some parts of the state, like most of South Florida, still have inventory levels
below what was typical from, say, 2014 through 2019, leading up to
the pandemic.
"Other areas of the state – particularly suburban and exurban
areas on the fringes of other large metros like Tampa-St. Pete,
Orlando and Jacksonville – are seeing inventory levels
above pre-pandemic levels. Nothing quite like what occurred in 2008
or 2009, but still notable. These are the areas where we might
expect price growth to be slowing down the most in the coming
months."
On the supply side of the market, inventory (active listings)
rose year-over-year: Single-family existing homes were at a
4.4-months' supply in May, while condo-townhouse inventory was at a
7.2-months' supply.
To see the full statewide housing activity reports, go to the
Florida Realtors Newsroom and look under Latest Releases or
download the May 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