Florida recorded 21,798 closed sales of existing single-family homes in August, down 3.9% year-over-year, while existing condo-townhouse sales totaled 7,424, down 6% from one year earlier.
According to data from Florida Realtors, new pending sales of single-family homes were up by 9.9% compared to August of last year, their largest year-over-year increase since last November, while new pending sales of condos and townhouses were up 4.9% in August compared to one year ago, the first time this property type has experienced positive year-over-year growth in any month since October 2023 and only the second time since November 2021. Single-family existing homes were at a 5.3-months’ supply last month while condo-townhouse properties were at a 9.3-months’ supply.
“The most likely reason we saw such an uptick in new contracts in August is that mortgage rates fell to yearly lows early in the month and fell even further late in the month,” said Florida Realtors Chief Economist Brad O’Connor. “Rates have continued to decline in September, so it will be interesting to see if even more buyers put homes under contract this month.”
The statewide median sales price for single-family existing homes in August was $410,000, down 0.4% year-over-year while the statewide median price for condo-townhouse units was $290,000, down 6.5% from the previous year.
O’Connor added, “Most of what we saw was similar to the trends we’ve observed throughout the summer and late spring: Modest declines in home prices, particularly on the condo side, along with mild declines in closed sales and fewer new listings than a year ago, as well. Inventory growth seems to be leveling out or at least slowing down once seasonality is accounted for. That leaves the pop in new pending sales as the big story for this month, thanks to falling mortgage rates.”
