Florida’s housing market reported increased new listings, easing median closed sale prices and improved inventory levels (active listings) in August 2024 compared to a year ago, according to Florida Realtors®’ latest housing data. As home prices moderate and inventory levels improve, it should temporarily offer better choices for potential homebuyers.
Florida Realtors Chief Economist Dr. Brad O’Connor said: “Florida’s single-family closed sales have tracked last year’s totals for most of the year. Year to date through August, closed sales of single-family homes are down 1.7%.” August closed sales of existing single-family homes statewide totaled 22,675, which is down 1.1% year-over-year, while existing condo sales totaled 7,898, down 14.9% over August 2023.
“New listings of single-family homes in August were up by 2.3% compared to a year ago, which is the smallest year-over-year increase we’ve seen for new listings of single-family homes this year,” O’Connor said. “Overall for the year, we are still up by nearly 14% in this category, but we should probably expect smaller year-over-year increases for the remainder of the year should the current pattern hold. Meanwhile, new condo listings were up 1.8% year-over-year.
On the supply side of the market, single-family existing homes were still only at a 4.5-months’ supply in August 2024, while condo properties were at a more balanced 7.2-months’ supply.