According to the latest data from the National Association of Realtors (NAR), existing home sales in January rose by 2.0% from the previous year, reaching a seasonally adjusted rate of 4.08 million.
The median price for existing homes increased to $396,900, a 4.8% rise from the previous year. This marks the 19th consecutive month of year-over-year gains.
The inventory of existing homes grew by 16.8% from the previous year, totaling 1.18 million units, which represents a 3.5-month supply at the current sales pace. Additionally, homes stayed on the market for an average of 41 days in January, up from 36 days in the same period in 2024.
NAR’s chief economist Lawrence Yun indicated that rising inventory should help stabilize the market, stating “More housing supply allows strongly qualified buyers to enter the market”. Further indicating, “But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners.”
Individual investors and second-home buyers accounted for 17% of all home sales in September, while foreclosures and short sales represented just 3% of the total.
The Florida Housing Market
As of the end of January 2025, Florida recorded 22,137 property transactions, marking a year-over-year increase of 1.2%, though this growth was slower compared to the previous 11 months.
Closed sales of existing single-family homes rose by 3.6% during the month, while condominium and townhome sales declined by 3.7%.
Active inventory levels increased significantly, up nearly 35% year-over-year in January. This represents more than a 300% increase from the recent low in February 2022.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, “The arrival of a new year usually brings with it a revival in the rate of homes being listed for sale, and that was certainly the case this January”. Further stating “Over 35,500 single-family homes were listed for sale in Florida in January, which is the most we’ve seen in any month since July 2022.”
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year increase in January by 1.2%. However, transaction volume of 22,137 units is a sharp contrast from the 38,197 units closed in May 2024.
Closed sales on homes over $1 million also increased, up by 8.8% year-over-year.
Median Sales Prices
Since mid-2024, median prices appear to have stabilized. The median price was up slightly by 0.5% year-over-year to $377,000. However, this figure is below the all-time high recorded in June 2024 of $393,990.
The median sale price on homes over $1 million was also fairly stable, up 1.5% year-over-year.
Active Inventory
Active inventory in Florida across all property types continued its upward trend in December, rising 34.9% year-over-year to 186,830 units.
Specifically, single-family home inventory grew by 31.3%, while townhomes and condominiums saw a more significant increase of 39.3%.
The South Florida Housing Market
Year-over-year, the South Florida market continues to see moderate growth in median sale prices while experiencing a slowing in the rate of sale transactions.
During the month of January, the closed sales declined by 0.8% year-over-year, totaling 4,414 units. The total value of homes sold increased by 13% to $4 billion.
The median price for homes across all categories continued to climb, up 6.6% year-over-year to $500,000.
January continued the trend of increasing inventory levels. Overall inventory was up 39% to 47,938 units, approaching a level not seen since 2019.
The Greater Orlando Housing Market
Existing homes sales in the Orlando housing market were flat, down 0.1% year-over-year, with 2,301 closed sale transactions taking place during the month. The total dollar volume of sales increased by 9.7% to $1.2 billion, reflecting a rise in the sale of luxury homes.
Year-over-year, the median home price for all types of properties rose by 2.6% to $400,000, slightly below of the all-time high of $415,000.
The number of existing-homes on the market for sale continued to rise, marking a 41% increase from the previous year. New listings also increased, up 16% year-over-year.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA increased by 4.2% year-over-year, to 3,563 units. Dollar volume also increased by just 1% to $1.5 billion.
The median home price across all property types declined 3.4% to $355,000, well below the recent high of $390,000.
Active inventory levels continue to increase, up 34% year-over-year with 19,798 homes across currently available for sale. New listings across the metro area improved by 14% to 7,526 units.
Do you have a property to sell?
If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them.
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.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only and are not intended to be legal, financial or tax advice. The information contained herein is not a substitute for professional legal, financial or tax consultation and should not be relied upon for any legal, financial, or tax matters. If you require legal, financial or tax assistance, please consult with a qualified attorney, financial or tax professional who can provide guidance tailored to your specific situation.
