The latest data from the National Association of Realtors (NAR) reveals a 2.5% decline in completed transactions for existing homes in August 2024. Three of the four US regions dropped while the Midwest remained unchanged.
Continuing its upward trend, the median price for existing homes has risen to $416,700, marking a 3.1% increase from the previous year. However, this figure is slightly lower than the highest median price recorded during June 2024.
Lawrence Yun, NAR’s chief economist, remarked, “Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” He added, “The home-buying process, from the initial search to getting the house keys, typically takes several months.”
The inventory of existing homes has improved by 22.7% from the previous year, reaching a total of 1.35 million units. At the current sales pace, the market offers a 4.2-month supply of homes. Additionally, homes stayed on the market for an average of 26 days in August, compared to 20 days in August 2023.
Individual investors and buyers of second homes made up 19% of all home sales in August, while foreclosures and short sales accounted for just 1% of the total.
The Florida Housing Market
During the month of August 2024, Florida recorded a total of 31,752 sales transactions across properties of all types, a year-over-year decline of 4.8%. Closed sales of existing single-family homes were down by 1.1%, while existing condo-townhouse sales dropped by 14.9%.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, the single-family home market is “fairly calm”. He states, “Closed sales declined by 1.1% year-over-year, and as has been the case for most of the year, they have tracked pretty close to last year’s totals. Year to date through August, closed sales of single-family homes are down 1.7%.”
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year dropped by 4.8%. Transaction volume of 31,752 units is a sharp contrast from the 38,197 units closed in May 2024.
Cash sales as a percentage of the total number of sales was 32% during the month of August, a 11.8% decline year-over-year.
Median Sales Prices
After an extended phase of year-over-year increases, the median sale price for all property transactions experienced a dip, decreasing by 1.0% year-over-year to $380,000. This figure is also 3.7% below the all-time high recorded in June 2024.
Active Inventory
Active inventory in Florida across all property types continue to trend higher in August, up 58.1% on a year-over-year basis to 161,085 units.
Single-family home inventory improved by 49.5% while townhomes and condominiums increased by 74.7%
The South Florida Housing Market
Year-over-year, the South Florida market continued to see growth in median sales prices while experiencing a slowing in the rate of sales.
During the month of August, the market experienced a 9.5% decline in closed sales year-over-year, totaling 6,279 units. The total value of homes sold declined by 8.4% to $4.4 billion.
The median price for homes across all categories climbed by 4.3% to $485,000, compared to the same period last year.
August continued the trend of increasing inventory levels. Overall inventory was up 65% to 39,867 units, with a 15% increase in new listings.
The Greater Orlando Housing Market
The Orlando housing market for existing homes sales was declined by 2% year-over-year, with 3,410 closed sale transactions taking place during the month of August. The total dollar volume of sales experienced a 2.2% increase to $1.7 billion.
Year-over-year, the median home price for all types of properties rose by 3% to $410,000, just shy of the all-time high of $415,000.
The number of existing-homes on the market for sale continued to show a significant rise, marking a 67% increase from the previous year. Additionally, the Orlando metro area witnessed a 8% increase in new listings.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 2.7% year-over-year, to 4,994 units. Dollar volume also declined by 2.6% to $2.4 billion.
The median home price across all property types dropped by 1.1% to $375,000, well below the recent high of $390,000.
Active inventory levels also continue to improve, up 76% year-over-year with 18,941 homes across currently available for sale. New listings across the metro area were up just 1.8% with new pending sales down by 8.4%.
Do you have a property to sell?
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On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide.
Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way.
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