The latest data from Florida Realtors® for August 2024 reveals positive shifts in the housing market, with new listings on the rise and prices easing. Both single-family homes and condo-townhouses saw an increase in inventory levels compared to the same time last year, offering potential buyers more options as the market balances. 📈
Florida Housing Market Sees Price Adjustments and Inventory Growth
Orlando, Fla. – In August 2024, Florida’s housing market experienced a notable increase in new listings and a slight softening of median sales prices, providing some relief for buyers. According to the latest Florida Realtors® data, the market showed improved inventory levels (active listings), giving potential homebuyers more flexibility and choices.
Gia Arvin, 2024 Florida Realtors® President and broker-owner with Matchmaker Realty in Gainesville, shared insights on this trend:
“As home prices moderate and inventory levels improve, it should help increase new listings and offer more choices for potential homebuyers. Lower mortgage interest rates will also help boost buying power and ease affordability issues.”
Market Snapshot: Single-Family Homes & Condo-Townhouses
Single-family home sales statewide totaled 22,675 in August, marking a slight 1.1% decline compared to August 2023. Meanwhile, the condo-townhouse market saw a more significant decrease, with sales down 14.9%, totaling 7,898 closed sales for the month.
However, both sectors experienced an increase in new listings:
- Single-family homes saw a 2.3% year-over-year increase.
- Condo-townhouses saw a 1.8% increase.
Dr. Brad O’Connor, Chief Economist for Florida Realtors®, commented on the performance:
“In August, Florida’s single-family home market was relatively calm. While closed sales slightly declined, new listings have been tracking closely with pre-pandemic levels, particularly those from 2018 and 2019.”
Median Home Prices Easing Across Florida 📉
The median sales price for existing single-family homes in Florida in August 2024 was $411,638, showing a slight decrease of 0.8% from the previous year. Similarly, condo-townhouse median prices dropped 4.3%, with the median price standing at $310,000.
The median price represents the midpoint—meaning half the homes sold for more and half sold for less.
Inventory Levels Improve: More Choices for Buyers
Inventory levels continue to improve across Florida:
- Single-family homes are at a 4.5-month supply.
- Condo-townhouses are at a 7.2-month supply.
This increase in supply should offer more opportunities for buyers and help alleviate some of the pressure caused by high demand in recent years.
Looking Ahead: What to Expect for the Remainder of 2024
As new listings in Florida continue to track closely with pre-pandemic trends, we may expect the real estate market to remain stable through the end of the year. However, the rate of new listings may continue to slow down, aligning with 2018 and 2019 levels, according to O’Connor.
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