The latest data from the National Association of Realtors (NAR) reveals a 1.3% increase in completed transactions for existing homes in July 2024, breaking a four-month streak of declining sales.
Continuing this upward trend, the median price for existing homes has risen to $422,600, marking a 4.2% increase from the previous year. However, this figure is slightly lower than the median price recorded in June 2024.
Lawrence Yun, NAR’s chief economist, remarked, “Despite the modest gain, home sales remain sluggish.” He added, “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
The inventory of existing homes has improved by 19.8% from the previous year, reaching a total of 1.33 million units. At the current sales pace, the market offers a 4.1-month supply of homes. Additionally, homes stayed on the market for an average of 24 days in July, compared to 20 days in July 2023.
Investors and buyers of second homes made up 13% of all home sales in July, while foreclosures and short sales accounted for just 1% of the total.
The Florida Housing Market
During the month of July 2024, Florida saw a total of 32,981 sales transactions across properties of all types, a year-over-year increase of 3.5%. Closed sales of existing single-family homes were up by 5.2%, while existing condo-townhouse sales dropped by 1.2%.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, there is a large amount of pending inventory. He states, “The increase wasn’t enough to offset the decline in single-family closed sales in June, but it was still positive. And, while we came up a little bit short in the townhouse and condo category, July’s 1.2% year-over-year decline in closed sales there is far more preferable that what we saw the previous month.”
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year improved by 3.5%. Transaction volume of 32,981 units is a sharp contrast from the 38,197 units closed in May 2024.
Median Sales Prices
After experiencing a rapid run-up from the beginning of 2020 to May 2022, the median sale price for homes in Florida remains fairly stable. For July 2024, the median sale price across all property types was $385,000, up 1.0% year-over-year, but below the all-time high of $393,990 as of June 2024.
Active Inventory
Active inventory in Florida across all property types continue to trend higher in June, up 70.3% on a year-over-year basis to 166,163 units, reaching a level not seen since 2019.
The South Florida Housing Market
Year-over-year, the South Florida market for existing homes is seeing consistent growth in median sales prices while experiencing a slowing in the rate of sales.
During the month of July, the market experienced a 0.8% increase in closed sales year-over-year, totaling 6,437 units. The total value of homes sold increased by 11% to reach $5.0 billion.
The median price for homes across all categories climbed by 6.4% to $500,000, compared to the same period last year.
July continued the trend of increasing inventory levels. Overall inventory was up 67% to 38,985 units, with a 15% increase in new listings.
The Greater Orlando Housing Market
The Orlando housing market for existing homes sales was virtually unchanged from the prior month, with 3,492 closed sales during the month of June. The total dollar volume of sales experienced a 3.2% increase to $1.7 billion.
Year-over-year, the median home price for all types of properties rose by 2.5% 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 71% increase from the previous year. Additionally, the Orlando metro area witnessed a 10% increase in new listings.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA increased by 4.8% year-over-year, to 5,131 units. Dollar volume also increaed by 6.7% to $2.5 billion.
The median home price across all property types rose by 1.3% to $379,900 , below the recent high of $390,000.
Active inventory levels have improved, up 86% year-over-year with 18,662 homes across currently available for sale. New listings across the metro area were up 15% with new pending sales down by 6.6%.
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.
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