Fla.'s Housing Market: Closed Sales, Median Price, Inventory Up in April

ORLANDO, Fla., May 22, 2024 /PRNewswire/ -- Florida's housing market in April showed more closed sales, more for-sale inventory, more new listings and higher median prices compared to a year ago, according to Florida Realtors®' latest housing data.

"More active listings provide more options and more homeownership opportunities for buyers, which in turn helps encourage buyer demand," said 2024 Florida Realtors^® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. "In time, having more available inventory could ease the pressure of rising prices; however, cautious buyers and sellers are still wary of high mortgage interest rates, which are hovering around 7%."

Last month, closed sales of existing single-family homes statewide totaled 24,682, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9% over April 2023. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O'Connor noted that while sales rose compared to the same time last year, they have not reached pre-pandemic levels.

"Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady," he said. "Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand."

The statewide median sales price for single-family existing homes in April was $429,900, up 4.9% over April 2023, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $335,000, up 3.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

"As for the incoming supply of homes for sale, new listings of single-family homes remained elevated in both property type categories," said O'Connor. "In April, new listings of single-family homes were up 25% compared to a year ago, although this level of new listings, while significantly greater than last year, is more in line with our typical pre-pandemic numbers. Similarly, new listings of townhouses and condos were up 24.2% year-over-year in April. But in this property type category, we are seeing a level of new listings higher than what we would have expected pre-pandemic."

He said, "With new listings outpacing sales, and homes on the market a bit longer than a year ago, we have seen quite a bit of inventory growth in recent months here in Florida. You're probably seeing lots of headlines about the state's rapid rise in inventory but let's put that in perspective. Single-family inventory is not quite back to the typical 2014-to-2019 level, but it's getting close, while the condo-townhouse inventory is now over the typical level of inventory that we had in the years ahead of the pandemic."

Still, Dr. O'Connor noted, "The fact that the measure of days on market is much more similar to what we saw immediately ahead of the pandemic or even below that level in some cases, gives us reason to be positive about our recent increase in inventory. This increase is going to ease price growth and allow for more opportunities for prospective buyers who were left in the cold when inventory was so low just a couple of years ago."

On the supply side of the market, inventory (active listings) rose year-over-year with single-family existing homes at a 4.2-months' supply in April, while condo-townhouse inventory was at a 6.9-months' supply.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the April 2024 data report PDFs under Market Data.

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors