Florida recorded 22,707 closed sales of existing single-family homes in July, down 2.8% year-over-year, while existing condo-townhouse sales totaled 7,381, down 11.8% from one year earlier.
According to data from Florida Realtors, pending sales were down by 0.7% on single-family homes and down 6.3% on the condo-townhouse sector. Single-family existing homes were at a 5.4-months’ supply in July while condo-townhouse properties were at a 9.6-months’ supply.
The statewide median sales price for single-family existing homes in July was $410,000, down 1.7% compared to one year before, while the statewide median price for condo-townhouse units was $295,000, down 6.3% from July 2024.
Florida Realtors Chief Economist Dr. Brad O’Connor observed, “Despite this being the fifth consecutive month we’ve seen year-over-year declines in the statewide single-family home median prices, July marked the smallest drop in percentage terms among those months – and for the year overall, the single-family median price is also down by the same amount, 1.7%. So, it doesn’t appear that price declines are accelerating at a statewide level for single-family homes.”
As for condos and townhouses, O’Connor added, “July represents the fourth straight month we’ve seen at least a 6% year-over-year decline in median price, but it was an improvement over June’s drop of 7.7%. Still, price declines in these recent months have been larger than what we saw early in the year, which is why the year-to-date median price in this category is down a little over 4.5% compared to a year ago.”
If everyone the claims about affordability then prices have to come down! Sometimes I think people just say it to make them look and feel sympathetic about themselves and others. The reality is that pricing is a function of supply and demand. If demand outstrips supply by a significant factor then prices rise significantly. Demand comes from aging populations and their changing housing needs and wage growth with some business sectors of our economy making a lot of it. By that I mean their employees besides the founders. The effects of Silicon Valley type businesses is reaching around this country. With people able to work remotely and with their huge pay packages they have an influence on specific markets like never before. Anyway, if we want to provide housing to the masses then we have to build or rebuild on a vast scale. New England is in a shameful position in this matter. These NE liberals care more for their open spaces and views than providing affordable or at least less costly housing than the average or median prices in their area. It’s like “I got mine but you can’t have yours” mentality. “Well yeah, we took down some trees to build our houses and moved a lot of land for our roads and streets and dug up the hillsides to lay utilities but that’s in the past and long forgotten”. To see in real time what it takes to provide expanded towns is just disgraceful to their hyper left leaning environmental mentality and besides they want it to always be peaceful and quiet of course after they got theirs. If mortgage rates come down and I think sooner than later they will I’m afraid that demand will pick up and prices will accelerate in most but not all housing sectors. For those that already bought their houses & condominiums in the recent past at higher interest rates then they can refinance and resulting in having more spending and savings power which will translate into a healthier economy. To end my statement the reality is that “supply side economics” is the only feasible capitalistic answer to providing affordable or less costly housing in America.
It all comes down to politics. The Trump administration has created a hostile environment. The much needed Canadians have bailed on FL and rightfully so. Good luck Florida – like you hurricanes and insurance rates weren’t bad enough