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Sales Remain Strong in Florida’s Housing Market

WRE News – Edition May 22, 2024 (by Phil Hall)

The Florida housing market recorded 24,682 closed sales of existing single-family homes in April, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9% from one year earlier, according to new data from Florida Realtors.

The statewide median sales price for single-family existing homes in April was $429,900, up 4.9% year-over-year, while the statewide median price for condo-townhouse units was $335,000, up 3.1% over the year-ago figure.

The level of active listings for single-family existing homes was at a 4.2-months’ supply in April, while condo-townhouse inventory was at a 6.9-months’ supply.

“Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand. As for the incoming supply of homes for sale, new listings of single-family homes remained elevated in both property type categories. 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.”

Source: Weekly Real Estate News

Phil Hall