Florida’s housing market showed signs of cooling in July 2024, according to the latest data released by Florida Realtors. The state witnessed an increase in new listings, improved inventory levels, and a slight easing of median sales prices compared to the previous year. This positive development could potentially ease housing affordability issues for potential buyers.
The number of closed sales for single-family homes increased by 5.2% year-over-year, reaching 23,353 in July. Meanwhile, closed sales of existing condo-townhouses declined slightly by 1.2% compared to July 2023, totaling 8,364. The median sales price for single-family homes remained relatively stable, increasing by just 0.5% to $416,990, while the median price for condo-townhouse units dipped by 1.3% to $315,000.
Contributing to the positive shift in the market, new listings of single-family homes saw a significant increase of 10.7% compared to July 2023. Townhouse and condo listings also experienced a notable rise, increasing by 13.8%. This surge in listings helped boost inventory levels, providing more options for homebuyers.
The increased inventory levels and potential downward trend in mortgage interest rates are considered positive indicators for potential buyers, enhancing their purchasing power and driving demand. However, it remains to be seen whether these positive trends will continue in the coming months.
Florida Realtors Chief Economist Dr. Brad O’Connor emphasized that while the market is showing encouraging signs, it’s crucial to remain cautious. He noted that the growth in single-family home inventory has slowed in recent months, potentially due to seasonal factors. The inventory levels for townhouses and condos have surpassed pre-pandemic levels but also show a flattening trend.
Overall, the July 2024 data suggests a positive shift in Florida’s housing market with increased inventory and a slight moderation in prices. While the long-term outlook remains uncertain, these positive trends provide a glimmer of hope for potential buyers facing affordability challenges.
