Florida’s housing market is stabilizing as home prices level off and inventory increases, offering potential relief to buyers, according to a Florida Realtors report.

Florida’s housing market is showing signs of stabilization, with home prices leveling off and more properties coming onto the market, according to a Florida Realtors report, bringing potential relief to buyers who have struggled with rising costs.

In July, the median price for single-family homes in Florida was $416,990, up just 0.5 percent from the previous year. The median price for condos and townhouses dropped 1.3 percent to $315,000. The stabilization was largely attributed to the increase in available homes, with the number of new listings in July up significantly from last year, with a 10.7 percent increase in single-family homes and a 13.8 percent increase in condos and townhouses.

“For-sale inventory continued to improve in July, which is helping to moderate prices – and hopefully will also ease housing affordability issues over time,” said Gia Arvin, president of Florida Realtors.

In addition to more homes on the market, lower mortgage rates are also making it easier for buyers. After approaching 7 percent earlier this year, rates have started to drop, increasing the buying power of potential homeowners.

“Mortgage interest rates also seem to be trending down off the near 7% highs, which boosts potential homebuyers’ purchase power and helps spark demand,” Arvin said.

-family home sales rose by 5.2 percent compared to the year prioir, while condo-townhouse sales dipped by 1.2 percent. Single-family homes, often sought after for their space and privacy, might be benefiting from a post-pandemic shift toward suburban living, Florida Realtors suggests, while condos and townhouses might be seeing more competition. Though inventory has increased, the analysis notes that the pace has slowed in recent months, possibly due to seasonal factors.

“The inventory of single-family homes continues to rise, but over the last three months, this growth has slowed as each month has passed,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “I’d caution, however, that this slowdown may be in part just a seasonal effect.”