The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes declined by 5.4% in June 2024, reaching a seasonally adjusted annual rate of 3.89 million units.
Similar to prior months, the median price for existing homes continues to rise. At $426,900, it is a 4.1% increase compared to the previous year and is the highest price ever recorded for the second consecutive month.
Lawrence Yun, the chief economist at NAR, commented, “We’re seeing a slow shift from a seller’s market to a buyer’s market,”. He further stated, “Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
The inventory of existing homes saw a 23.4% improvement from last year, totaling 1.32 million units. Given the current sales rate, the market has a 4.1-month supply of homes available. Homes stayed on the market for an average of 18 days in May.
Investors and buyers of second homes accounted for 16% of all home sales during the month of June.
The Florida Housing Market
As of the end of June 2024, Florida saw a total of 32,810 sales transactions across properties of all types, a year-over-year decline of 13.6%. Closed sales of existing single-family homes were down by 11.1%, while existing condo-townhouse sales dropped by 20.5%.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, the most recent market trends continue. He states, “If we look at pending inventory for June – that is, the number of properties that were under contract as of the end of the month – we can see that the gap between last year and this year is quite close for single-family homes (-2.5%), indicating we could see similar numbers of closed sales in the next month or two,” he said. “But that’s dependent on these under-contract homes going all the way through closing, which we know is not always guaranteed. The gap for townhouses and condos is a bit larger than that for single-family homes (-7.9%), although it is still more favorable than we’ve seen in recent months.
Closed Sales
In Florida, the number of closed sales transactions saw a year-over-year decrease of 13.6%. Transaction volume of 32,810 units is a sharp contrast from the 38,197 units closed in May 2024.
Median Sales Prices
After experiencing a rapid run-up from January 2021 to May 2022, the median sale price for homes in Florida remains fairly stable. As of June 2024, the median sale price across all property types was $393,990, up 1.5% year-over-year and at an all-time high.
Active Inventory
Active inventory in Florida across all property types continue to trend higher in June, up 71.2% on a year-over-year basis to 165,329 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 persistent growth in median sales prices while the number of sales transactions declined.
During the month of June, the market experienced a 17% decline in closed sales from the previous year, totaling 6,437 units. The total value of homes sold also declined by 7.4% to reach $5.3 billion.
The median price for homes across all categories climbed by 8.4% to $515,000, compared to the same period last year.
June continued the trend of increasing inventory levels. Overall inventory was up 66% to 38,786 units, with a 9.1% increase in new listings.
The Greater Orlando Housing Market
The Orlando housing market for existing homes saw a sharp decline in sales. There were 3,394 closed sales during the month of June, down 15%. The total dollar volume of sales experienced a 9% decline, dropping to $1.7 billion.
Year-over-year, the median home price for all types of properties rose by 3.2% to $415,000, another all time high.
The number of existing-homes on the market also showed a significant rise, marking a 73% increase from the previous year. Additionally, the Orlando metro area witnessed a 7.8% surge in new listings.
The Tampa Bay Housing Market
Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 15% year-over-year, to 4,907 units. Dollar volume dropped by 9.3% to $2.5 billion.
The median home price across all property types rose by 2.9% to $390,000.
Active inventory levels have improved, up 83% year-over-year with 18,305 homes across currently available for sale. New listings across the metro area were up 7.1% with new pending sales down by 6.5%.
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