Closed sales of existing single-family homes in Florida during August totaled 22,675, down 1.1% year-over-year, while existing condo-townhouse sales totaled 7,898, down 14.9% from one year ago, according to data from Florida Realtors.
The statewide median sales price for single-family existing homes in August was $411,638, down 0.8% from one year ago, while the statewide median price for condo-townhouse units was $310,000, down 4.3% over the same period.
On the supply side of the market, single-family existing homes were at a 4.5-months’ supply in August 2024, while condo-townhouse properties were at a 7.2-months’ supply.
“New listings of single-family homes in August were up by 2.3% compared to a year ago, which is the smallest year-over-year increase we’ve seen for new listings of single-family homes this year,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “Overall for the year, we are still up by nearly 14% in this category, but we should probably expect smaller year-over-year increases for the remainder of the year should the current pattern hold. Meanwhile, new condo-townhouse listings were up 1.8% year-over-year. Notice that new listings throughout this year have tracked more closely with the pre-pandemic years of 2018 and 2019 than they have with last year’s counts. But at the end of last year, new listings – which underperformed most of the year – improved to similar levels of what we were seeing in late 2018 and 2019. So, it would not be surprising to see this year’s new listings toward the tail end of this year end up in the same neighborhood.”
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It’s about time things slow in Florida. Realtors & Appraisers have pushed prices up so much over the last 3-4 years that it will take years to drop to an affordable level again for many people looking to purchase. Property taxes will continue their climb and homeowners insurance affordability will continue to be a big issue.
It had nothing to do with buyer demand? Covid lockdowns in blue states? None of this is ringing a bell?
Buyers determine prices, sellers determine whether to sell or not. . Taxes and insurance are holding prices
Can’t keep blaming everything on Covid and Democrats. The demand is still there but for lower prices. There are blue states in the same situation as Florida and it will likely continue to spread to a majority of ALL states, red & blue but unfortunately, Florida & California are leading the pack….And California is a blue state, remember? No one can ignore that this is a BIG problem and what goes up, always comes down and it’s long overdue!