Weekly Real Estate News
Florida’s housing market recorded higher inventory levels and an easing for median price acceleration during October, according to data from Florida Realtors.
The Sunshine State had a 4.7-month supply of single-family existing homes last month, up 34.3% year-over-year. For condo-townhouse units, there was a 7.7-month supply in October, a 67.4% year-over-year spike.
Last month’s statewide median sales price for single-family existing homes was $415,000, up 1.2% from $410,000 one year earlier. For condo-townhouse units, the median price was $315,000, a 2.2% drop from $321,990 in October 2023. The median is the midpoint; half the homes sold for more, half for less.
“With more inventory available now and home price increases slowing, it’s a positive sign for homebuyers, who are seeing more opportunities to enter the market,” said 2024 Florida Realtors President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “Mortgage interest rates are lower than they were a year ago, too, which helps boost affordability.”
Florida’s housing market in October recorded 18,671 closed sales of existing single-family homes statewide, down 5.6% year-over-year. The total number of existing condo-townhouse sales was 6,499, down 19.9% from one year earlier.
Florida Realtors Chief Economist Dr. Brad O’Connor noted the impact from Hurricanes Helene and Milton “likely had a bigger impact on new listings of homes for sale in October. New listings of single-family homes fell by 10.3% year-over-year but were still up 9.5% for the year to date. Meanwhile, new listings of townhouses and condos, were down 9.5% compared to a year ago, but were up 12% for the year. While the rate of new listings coming onto the market was already slowing ahead of the storms, the year-over-year declines in October were a sizeable jump – and very likely, related to the unique pattern of events that unfolded throughout the month.”
