Florida housing market shows eased prices and increased inventory in july

ORLANDO, Fla. — Florida’s housing market in July 2024 exhibited signs of stabilization, with median sales prices showing modest changes and an uptick in new listings, according to the latest data from Florida Realtors®. The state saw improvements in active inventory levels, which may help address ongoing housing affordability challenges.

“For-sale inventory continued to improve in July, which is helping to moderate prices – and hopefully will also ease housing affordability issues over time,” said Gia Arvin, the 2024 President of Florida Realtors® and broker-owner of Matchmaker Realty in Gainesville. She noted that mortgage interest rates are also trending downward from the near 7% highs, enhancing buyers’ purchasing power and stimulating demand.

Closed sales of existing single-family homes across the state reached 23,353 in July, a 5.2% increase compared to the same month last year. In contrast, sales of existing condo-townhouse units declined by 1.2% year-over-year, totaling 8,364. The data is drawn from Florida Realtors Research Department in partnership with local Realtor boards and associations.

Dr. Brad O’Connor, Chief Economist for Florida Realtors®, highlighted the significant pending inventory at the end of June, particularly in the single-family home sector. This backlog likely contributed to the rebound in closed sales of single-family homes in July.

“And yes, that’s what happened,” O’Connor said. “The increase wasn’t enough to offset the decline in single-family closed sales in June, but it was still positive. And, while we came up a little bit short in the townhouse and condo category, July’s 1.2% year-over-year decline in closed sales there is far more preferable than what we saw the previous month.”

The median sales price for single-family existing homes in July stood at $416,990, a slight 0.5% increase from a year ago. Meanwhile, the median price for condo-townhouse units was $315,000, a 1.3% decrease from July 2023.

O’Connor also noted a 10.7% rise in new listings for single-family homes compared to July 2023, marking a return to pre-pandemic market expectations. The number of new listings for townhouses and condos also saw a significant increase of 13.8% year-over-year.

As of July, the supply of single-family existing homes was at 4.6 months, while condo-townhouse properties had a 7.4-month supply, reflecting a generally healthier market balance.

For more detailed statewide housing activity reports, visit the Florida Realtors Newsroom or download the July 2024 data report PDFs under Market Data.

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