In November, Florida’s housing market had more new listings and higher inventory levels (active listings) compared to a year ago, while statewide median sales prices of condos continued to ease, according to Florida Realtors®’ latest housing data.
New listings were up 7.2% for existing single-family homes year-over-year, while new listings for condo units were up 5.4%. Closed sales of existing single-family homes statewide totaled 17,095, down 3.5% year-over-year; existing condo sales totaled 6,002, down 15.6% over November 2023. While the statewide median sales price for single-family existing homes in November was essentially unchanged, for condo units, the median price was down 5.8% from November 2023.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The story for November is the post-hurricane rebound for new listings and new pending sales. New pending sales were up strongly year-over-year for single-family homes (+12.6%), after falling by 8% in October. However, on a cautionary note, I think this is mostly a post-hurricane rebound, with market activity that would otherwise have occurred in October being pushed into November,” he said. “But if there’s real momentum here, it may show up in the December figures.”
On the supply side of the market, Florida had a 4.8-month supply of single-family existing homes last month, up 29.7% year-over-year. For condo units, the state had an ample 8.2-month supply in November, up 64% year-over-year.