Share this article!

Closed sales of existing single-family homes in Florida statewide totaled 23,353 last month, up 5.2% year-over-year, while existing condo-townhouse sales totaled 8,364, down 1.2% over July 2023, according to data from Florida Realtors.

The statewide median sales price for single-family existing homes in July was $416,990, up by a mild 0.5% from one year ago, while the statewide median price for condo-townhouse units was $315,000, down 1.3% from July 2023.

On the supply side of the market, single-family existing homes were at a 4.6-months’ supply in July while condo-townhouse properties were at a 7.4-months’ supply. Florida Realtors Chief Economist Dr. Brad O’Connor pointed out that, at the end of June, there was a sizeable amount of pending inventory, especially in the single-family home category, which could indicate that closed sales of existing single-family homes would rebound.

“And yes, that’s what happened,” he said. “The increase wasn’t enough to offset the decline in single-family closed sales in June, but it was still positive. And, while we came up a little bit short in the townhouse and condo category, July’s 1.2% year-over-year decline in closed sales there is far more preferable that what we saw the previous month.”

O’Connor noted that in the single-family home market “there were 10.7% more new listings this July compared to last year’s unusually low count. Meanwhile, 13.8% more townhouses and condos came onto the market in July compared to a year ago. The inventory of single-family homes continues to rise, but over the last three months, this growth has slowed as each month has passed. I’d caution, however, that this slowdown may be in part just a seasonal effect. Townhouse and condo inventory levels are now above where they were during the 2014 to 2019 pre-pandemic, post-Great Recession period. However, month-over-month inventory growth has flattened out over the past two to three months.”