Florida housing market grows in april amid higher sales and prices

by | May 23, 2024

Florida’s housing market experienced growth in April, with increases in closed sales, median prices, and inventory, although high mortgage interest rates and regional variances present mixed implications for buyers and sellers.

Florida’s housing market saw substantial growth in April, marked by increases in closed sales, median prices, and inventory, according to the latest data from Florida Realtors.

The market experienced a rise in closed sales of existing single-family homes and condo-townhouse units, along with a significant uptick in new listings and available inventory.

Statewide, closed sales of single-family homes reached 24,682, representing a 5.8 percent increase compared to April 2023. Closed sales of condo-townhouse units totaled 10,228, a 1.9 percent year-over-year rise. The median sales price for single-family homes increased to $429,900, up 4.9 percent, while the median price for condo-townhouse units climbed to $335,000, a 3.1 percent increase.

The rise in active listings is providing more options and homeownership opportunities for buyers, according to 2024 Florida Realtors President Gia Arvin, who noted that the increased inventory could potentially ease the upward pressure on prices, although high mortgage interest rates, currently around 7 percent, continue to concern both buyers and sellers.

“More active listings provide more options and more homeownership opportunities for buyers, which in turn helps encourage buyer demand,” said Arvin. “In time, having more available inventory could ease the pressure of rising prices; however, cautious buyers and sellers are still wary of high mortgage interest rates.”

Regional performances across Florida’s Metropolitan Statistical Areas (MSAs) varied. In the Miami-Fort Lauderdale-West Palm Beach MSA, closed sales for single-family homes rose by 8.9 percent to 2,831, with the median price rising 2.0 percent to $520,000. Conversely, the Orlando-Kissimmee-Sanford MSA saw a slight decrease in closed sales for single-family homes, down 1.5 percent to 1,644, though the median price increased by 4.7 percent to $439,900.

Dr. Brad O’Connor, Chief Economist for Florida Realtors, noted that while sales are increasing compared to last year, they remain below pre-pandemic levels. He pointed out that prices are rising at a more sustainable rate and that the growing inventory is giving buyers more choices. The statewide median sale prices for single-family homes and condo-townhouse units continue to reflect a healthy market trend.

“Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady,” he said. “Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand.”

New listings of single-family homes were up 25 percent compared to a year ago, aligning more closely with typical pre-pandemic numbers. New listings of townhouses and condos increased by 24.2 percent year-over-year. This growth in new listings outpaced sales, contributing to a rise in inventory. Single-family home inventory increased to a 4.2-month supply, while condo-townhouse inventory reached a 6.9-month supply.

Cash sales remained a significant part of the market, with 30.1 percent of single-family home sales in April being cash transactions, slightly higher than the 29.8 percent recorded the previous year. The number of cash sales rose by 9.1 percent year-over-year, indicating continued investor interest.

The median time to contract for single-family homes was 35 days, up from 31 days in April 2023, while the median time to sale was 76 days, compared to 73 days the previous year. These figures suggest a slight cooling in the market, allowing buyers more time to make purchasing decisions.

The distressed property segment, including foreclosures and short sales, also saw activity. Foreclosure/REO sales rose significantly by 86.7 percent, with a median sale price of $290,000. Short sales increased by 11.1 percent, with a median price of $283,500.


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