Florida recorded 24,756 closed sales of existing single-family homes in May, down 5.7% year-over-year, while existing condo-townhouse sales totaled 8,345, down 19.9% over the same period.
According to data from Florida Realtors, these declines occurred despite an upswing in available properties. Active listings rose 28.8% year-over-year for both existing single-family homes and for existing condo-townhouse properties compared to May 2024. Single-family existing homes were at a 5.6-months’ supply last month while condo-townhouse units were at a 10.3-months’ supply.
The statewide median sales price for single-family existing homes last month was $415,000, down 2.7% from the previous year, while the median price for condo-townhouse units was $310,000, down 6.1% over the year-ago figure. Florida Realtors Chief Economist Dr. Brad O’Connor noted May marked the third consecutive month for a year-over-year median price decline.
“But there is a clear divergence from last year’s price levels starting to emerge,” he said. “Still, prices remain in the neighborhood of where they’ve been since early 2022 and are 54% above where they were at this time in 2020. May’s year-over-year decline at the state level also masks some considerable variation at the local level, with the median price for single-family homes only falling in 13 of Florida’s 22 metropolitan areas.”
Nonetheless, O’Connor noted that statewide median prices for condo and townhouse units are “still 54% higher than in 2020 – the same difference observed for the single-family side of the market – but in this case, there is more uniformity at the local level, with 19 of Florida’s 22 metros seeing a year-over-year price decline in May.”
