Florida recorded 17,674 closed sales of existing single-family homes during November, up 3.4% year-over-year, while existing condo-townhouse sales totaled 6,099, up 1.6% from one year earlier.
According to data from Florida Realtors, single-family existing homes were at a 4.9-months’ supply in last month, while condo-townhouse properties were at a 9.4-months’ supply.
“New pending sales of Florida single-family homes were up only 2.7% in November compared to a year ago,” said Chief Economist Brad O’Connor. “Meanwhile, over in the condo and townhouse category, where sales trends have been weaker than in the single-family category for quite some time, we might even have expected a year-over-year decline in new pending sales in November. But in fact, new condo and townhouse contracts were up by even more than single-family homes, a gain of 5.2% compared to a year ago. Again, this growth in pending sales would have been even stronger if last year’s hurricanes had not pushed so much real estate activity from October into November.”
The statewide median sales price for single-family existing homes in November was $410,000, down by a mild 0.2% compared to one year before, while the statewide median price for condo-townhouse units was $299,320, down 3.8% from November 2024.
“It’s typically difficult to extrapolate end-of-year trends into the next year’s spring buying season, but we’re not seeing anything in these sales numbers that give us a reason to be pessimistic as the year turns over,” O’Connor said. “A substantial amount of latent demand is waiting to be unlocked throughout Florida as affordability improves. And affordability really is improving, just at a snail’s pace as rates inch slowly downward, home prices hold relatively steady – or even decline in some areas – and incomes rise gradually over time. Little by little, pent-up housing demand is being unlocked. Florida remains a very attractive destination for out-of-staters: the only impediment in the last couple of years has been affordability.”
