New offers increase, prices fall

Florida's The real estate market reported falling median sales prices, more new listings and improved inventory (active listings) in July 2024 compared to a year ago, according to the latest housing market data from Florida Realtors.

“The inventory of homes for sale continued to improve in July, which is helping to moderate prices – and hopefully, over time, will also ease housing affordability issues,” said Gia Arvin, president of 2024 Florida Realtors and broker at Matchmaker Realty in Gainesville“Mortgage rates also appear to be trending downward from their peak of nearly 7%, increasing the purchasing power of potential homebuyers and stimulating demand.”

Completed sales of existing single-family homes across the state totaled 23,353, up 5.2% from a year ago, while sales of existing condominiums and townhomes totaled 8,364, down 1.2% from a year ago. July 2023according to data from the Florida Realtors Research Department in conjunction with local Realtor associations/unions. Closed sales can occur 30 to over 90 days after the closing of the sales contracts.

Dr., Chief Economist of Florida Realtors Brad O’Connor noted that there was significant inventory at the end of June, particularly in the single-family home category, which could indicate that completed sales of existing single-family homes would pick up again this month.

“And yes, that happened,” he said. “The increase was not enough to offset the decline in single-family closed sales in June, but it was still positive. And while we fell a little short in the townhome and condo category, the 1.2% year-over-year decline in closed sales in July is far more encouraging than what we saw the previous month.

The national median sales price for existing single-family homes in July was 416,990 USDessentially the same (plus 0.5%) as a year ago, while the national median price for condominiums and terraced houses was 315,000 US dollarsa decrease of 1.3% compared to July 2023. The median is the middle point; half of the homes sold for more, the other half for less.

“On the supply side, single-family home starts remained at the level we would have expected in the pre-pandemic market, but July saw 10.7% more starts compared to the unusually low level last year,” O'Connor emphasized. “Meanwhile, 13.8% more townhomes and condominiums came on the market in July than last year.

“Single-family home inventory continues to rise, but over the past three months, that growth has slowed each month. However, I would like to point out that part of this slowdown may just be a seasonal effect. Townhome and condo inventory levels are now above 2014-2019 levels, before the pandemic and after the Great Recession. However, month-to-month inventory growth has leveled off over the past two to three months.”

On the supply side of the market, the supply of existing single-family homes was 4.6 months in July 2024while the supply of condominiums and townhouses was 7.4 months.