Closed sales of existing single-family homes in Florida totaled 23,572 in April, down 4.5% year-over-year, while existing condo-townhouse sales totaled 8,710, down 14.8% over the same period.
According to data from Florida Realtors, new listings for existing single-family homes were up 2.7% last month compared to compared to April 2024 while new listings for condo-townhouse units in April were down 2% from one year ago. The state recorded a 5.6-months’ supply for single-family existing homes and a 10.3-months’ supply for condo-townhouse properties.
The statewide median sales price for single-family existing homes last month was $412,734, down 4% from the previous year, while the statewide median price for condo-townhouse units was $315,000, down 6% from April 2024.
“As long as mortgage rates stay about where they are now, we should continue to expect some price erosion in most markets around the state – particularly in those markets where there’s still a lot of competition from new construction,” said Florida Realtors Chief Economist Dr. Brad O’Connor. O’Connor. “That could all change, however, if mortgage rates start trending downward closer to 6%, which would spur more buyer competition. There is still a lot of latent housing demand out there with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market.”
