Fla.'s Housing Market: Inventory, Median Prices Rise in March

ORLANDO, Fla., April 21, 2023 /PRNewswire/ -- Florida's housing market in March and the first quarter (1Q) of 2023 had more for-sale inventory (active listings) and higher median sales prices compared to a year ago, according to Florida Realtors®' latest housing data.

"Buyers in Florida remain challenged by mortgage rates above 6% and economic pressures like inflation," said 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. "However, more active listings mean buyers have a bigger selection of homes and more options, which could help moderate the pace of rising prices and ease affordability issues.

"Now more than ever, consumers can benefit from the expertise of a local Realtor, who can guide them through current market conditions."

Last month, closed sales of existing single-family homes statewide totaled 26,161, down 15% year-over-year, while existing condo-townhouse sales totaled 11,188, down 23.5% over March 2022. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O'Connor pointed out that the drop in closed sales of single-family homes in March was an improvement over the 33% and 21% declines seen in January and February, respectively. That's also the case when looking at the smaller drop in condo-townhouse closed sales in March compared to the prior two months.

For 1Q 2023, statewide existing single-family home sales totaled 59,554, down 22% from 1Q 2022, while statewide existing condo-townhouse sales totaled 24,931, down 30.5% from the same quarter a year ago.

The statewide median sales price for single-family existing homes in March was $405,000, up 2.1% from the previous year, 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 $320,000, up 3.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

"Although mortgage rates have remained elevated so far this year, they've also generally fallen in a consistent range," Dr. O'Connor said. "Consistency alone can be a comforting factor on the demand side in housing, as it reduces prospective buyers' sense of uncertainty and makes them more comfortable wading back into the market."

For 1Q 2023, the statewide median price for single-family homes was $399,900, up 3.9% year-over-year; the statewide median price for condo-townhouse properties was $316,500, up 7.3% year-over-year.

O'Connor added, "Florida continues to be a hot spot for residential purchases by buyers from both in state and out of state, and buyers are finding significantly more inventory available than last year. That said, inventory does remain well below pre-pandemic levels in most Florida market areas. New listings continue to be somewhat weak compared to recent years, which is helping keep prices stable but also putting a cap on how much additional inventory we could potentially see in the coming months."

On the supply side of the market, inventory (active listings) rose in March as well as for 1Q 2023: Single-family existing homes were at a 2.7-months' supply while condo-townhouse inventory was at a 3.4-months' supply for both timeframes.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the March 2023 and 1Q 2023 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 338,000 members in 51 boards/associations. Florida Realtors® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors