Florida’s housing market reported higher inventory levels (active listings) and essentially flat statewide median prices in October compared to a year ago, according to Florida Realtors®’ latest housing data. More inventory becoming available and home price increases slowing, is a positive development for homebuyers, who are seeing more opportunities to enter the market.
Last month, closed sales of existing single-family homes statewide totaled 18,671, down 5.6% year-over-year; existing condo sales totaled 6,499, down 19.9% over October 2023. The statewide median sales price for single-family existing homes in October was up only 1.2% from one year earlier. For condo units, the median price was down slightly by 2.2% from October 2023.
On the supply side of the market, Florida had a 4.7-month supply of single-family existing homes last month, up 34.3% year-over-year. For condo units, the state had a more balanced 7.7-month supply in October, up 67.4% year-over-year.