Florida recorded 26,252 closed sales of existing single-family homes statewide in May, down by a slight 0.5% year-over-year, while existing condo-townhouse sales totaled 10,415, a more substantial year-over-year decline of 8.6%, according to data from Florida Realtors.
While sales were down, prices rose. The statewide median sales price for single-family existing homes in May was $426,581, up 1.6% from one year before, while the statewide median price for condo-townhouse units was $330,000, up 1.5% from May 2023.
Florida also harvested a larger housing inventory in May from one year before – single-family existing homes were at a 4.4-months’ supply while condo-townhouse inventory was at a 7.2-months’ supply.
“New listings of single-family home listings were up by 15.2% in May, which was the lowest year-over-year increase we’ve reported this year – outside of a less-than-8% increase in March,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “For townhouses and condos, new listings grew by 13.8% year-over-year in May – also the second-lowest increase reported for this property type category in 2024.”
“While sales growth remains sluggish, with new listings still climbing compared to a year ago, inventory levels are still rising at the statewide level,” O’Connor added. “Now, noted – we are seeing a decent amount of variation at the county level, and even within several counties, when we drill down to the ZIP code level. Some parts of the state, like most of South Florida, still have inventory levels below what was typical from, say, 2014 through 2019, leading up to the pandemic. Other areas of the state – particularly suburban and exurban areas on the fringes of other large metros like Tampa-St. Pete, Orlando and Jacksonville – are seeing inventory levels above pre-pandemic levels. Nothing quite like what occurred in 2008 or 2009, but still notable. These are the areas where we might expect price growth to be slowing down the most in the coming months.”
;
