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.
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SOURCE Florida Realtors