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Florida’s housing market recorded 22,917 closed sales of existing single-family homes in August, down 7.9% year-over year, while existing condo-townhouse sales totaled 9,279, down 7.2% from the same time one year ago, according to data from Florida Realtors.

Last month’s statewide median sales price for single-family existing homes in Florida was $415,000, up 2% year-over-year, while the statewide median price for condo-townhouse units was $324,000, up 6.2% over the same period.

On the supply side of the market, single-family existing homes ticked up slightly to reach a 3-months’ supply in August while condo-townhouse properties rose to a 3.8-months’ supply.

“Persistently higher mortgage rates and a restricted for-sale inventory are hampering sales activity,” said 2023 Florida Realtors President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “However, as our housing prices continue to stabilize and interest rates hopefully moderate, we expect conditions to return to a more balanced market with more options for buyers and sellers.”