Florida’s housing market reported easing median closed sale prices, more new listings and improved inventory levels (active listings) in July 2024 compared to a year ago, according to Florida Realtors®’ latest housing data. For-sale inventory continued to improve in July, which is helping to moderate prices.
Closed sales of existing single-family homes statewide totaled 23,353, up 5.2% year-over-year, while existing condo sales totaled only 8,364, down 1.2% over July 2023. The median sales price for single-family existing homes in July was basically flat, while the median price for condo units was down slightly by 1.3%.
Florida Realtors Chief Economist Dr. Brad O’Connor pointed out, “Over on the supply side of things, new listings of single-family homes remained in line with what we experienced in the pre-pandemic market. Meanwhile, 13.8% more condos came onto the market in July compared to a year ago. The inventory of single-family homes continues to rise, but over the last three months, this growth has slowed as each month has passed. Condo inventory levels are now above where they were during the 2014 to 2019 pre-pandemic period.”
While single-family existing homes were still only at a 4.6-months’ supply in July 2024, condo properties were at a more balanced 7.4-months’ supply.